By John Plender
The capitalist version used to be constructed within the nineteenth century and up to date occasions have proven the problems of adapting this to the calls for of the twenty first century, within which human and social capital are of a long way higher significance than actual capital. In Going off the Rails, John Plender indicates how company scandals, inflated boardroom pay, company governance disciplines and outdated accountancy conventions have stretched the Anglo-American version to its restrict and what the consequences of this could be on globalisation and the capital markets.
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Extra resources for Going off the Rails: Global Capital and the Crisis of Legitimacy
The west greeted the collapse of communism – though it was itself a western utopian ideology – as the triumph of western values. The end of the most catastrophic utopian experiment in history was welcomed as a historic opportunity to launch yet another vast utopian project – a global free market. The world was to be made over in an image of western modernity – an image deformed by a market ideology that was as far removed from any human reality as Marxism had been. Now, after the attacks on New York and Washington, the conventional view of globalisation as an irresistible historical trend has been shattered.
17 On this view the problems of the emerging market economies are their own fault. To win back foreign capital what they have to do is to provide stable politics, a legal system that strongly underpins property rights, sound ﬁscal and monetary policies and increased ofﬁcial reserves to provide a buffer for the currency against outﬂows of foreign capital. Once nations meet what Greenspan calls ‘‘the market test’’ they will no longer need to put up ‘‘collateral’’ in the form of outsized ofﬁcial reserves to certify their ﬁnancial prudence.
And its politicians, business leaders and investment bankers display blatant double standards in peddling a version of the model abroad that is notably harsher than the one that they tolerate back at home. Part of the argument of this book is that the resulting gap between rhetoric and reality has become so wide that politicians around the world will baulk at the idea of convergence on the Anglo-American model. Globalization has enormous potential to improve living standards in both the developed and the developing worlds.