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date: 23 January 2021

Abstract and Keywords

The financial crisis of 2008 has prompted some people to ask basic questions about the extent to which large-scale corporate governance failures have underestimated the basis of the global economy. This chapter carefully critiques the financialization perspective on corporate governance, and argues that the financialization process does not comprise a new epoch and is not a coherent phenomenon. It suggests that socio-economic change is a process of continual change that embodies continuities going back to previous eras. It states that institutions are highly unlikely to be perfectly aligned with and follow what is done at firm level, which may be the reason behind the various strengths and weaknesses encountered in Chandlerian managerial capitalism. The literature on financialization is also examined.

Keywords: financialization, financial crisis, corporate governance failures, global economy, socio-economic change, Chandlerian managerial capitalism

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