Chronic limitations of neo‐liberal capitalism and oligopolistic markets

Philip Reeves Knyght (Cranfield School of Management, Cranfield, UK)
Nada K. Kakabadse (Northampton Business School, The University of Northampton, Northampton, UK)
Alexander Kouzmin (School of Commerce and Management, Southern Cross University, Tweed Heads, Australia)
Andrew Kakabadse (Cranfield School of Management, Cranfield, UK)

Society and Business Review

ISSN: 1746-5680

Publication date: 8 February 2011

Abstract

Purpose

The purpose of this paper is to highlight the serious limitations of neo‐liberal capitalism and urge for a shift to socialized capital before further economic deterioration leads to a succession of global conflicts.

Design/methodology/approach

This conceptual paper adopts a macro perspective in presenting argument on how global, financial markets integration and capital flow liberalization have led to inadequate market and corporate governance measures. The argument is couched in a selected literature and is preceded by a proposed solution – the requirement for socialized capital. An analysis of the nature of socialized capital is outlined and the questions that require attention identified if a paradigm shift from neo‐liberal capitalism is to take place.

Findings

The need to urgently shift to a new philosophy of capitalism is overwhelming. Emphasized is that capital needs to adopt a socialised identity and is supported by investment horizons of 30 years or more. It is argued that non‐market (e.g. state, NGOs, civil society) intervention is critical in setting appropriate frameworks within which socialized capital can operate.

Research limitations/implications

This is a theoretical paper, in which questions are raised which require transparent, public debate.

Originality/value

The paper presents the case for a fundamental reconsideration of present day markets, the role of capital and the influence of elites in determining the public good.

Keywords

Citation

Reeves Knyght, P., Kakabadse, N., Kouzmin, A. and Kakabadse, A. (2011), "Chronic limitations of neo‐liberal capitalism and oligopolistic markets", Society and Business Review, Vol. 6 No. 1, pp. 7-26. https://doi.org/10.1108/17465681111105805

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Publisher

:

Emerald Group Publishing Limited

Copyright © 2011, Emerald Group Publishing Limited

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