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An Alternative to Shareholder Value Creation: Subverting the Domination of Capitalist Exchanges through the Production of Uses and Common Pool Resources Management

Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance

ISBN: 978-1-78560-980-0, eISBN: 978-1-78560-979-4

ISSN: 2043-9059

Publication date: 2 September 2016

Abstract

Purpose

This chapter reconsiders commonly held views on the ownership and management of private property, contrasting capitalist and simple property, particularly in relation to how a firm shareholder governance model has shaped society. This consideration is motivated by the scale and scope of the modern global crisis, which has combined financial, economic, social and cultural dimensions to produce world disenchantment.

Methodology/approach

By contrasting an exchange value standpoint with a use value perspective, this chapter explicates current conditions in which neither the state nor the market prevail in organising economic activity (i.e. cooperative forms of governance and community-created brand value).

Findings

This chapter offers recommendations related to formalised conditions for collective action and definitions of common guiding principles that can facilitate new expressions of the principles of coordination. Such behaviours can support the development of common resources, which then should lead to a re-appropriation of the world.

Practical implications

It is necessary to think of enterprises outside a company or firm context when reflecting on the end purpose and means of collective, citizen action. From a methodological standpoint, current approaches or studies that view an enterprise as an organisation, without differentiating it from a company, create a deadlock in relation to entrepreneurial collective action. The absence of a legal definition of enterprise reduces understanding and evaluations of its performance to simply the performance by a company. The implicit shift thus facilitates the assimilation of one with the other, in a funnel effect that reduces collective projects to the sole projects of capital providers.

Originality/value

Because forsaking society as it stands is a radical response, this historical moment makes it necessary to revisit the ideals on which modern societies build, including the philosophy of freedom for all. This utopian concept has produced an ideology that is limited by capitalist notions of private property.

Keywords

Acknowledgements

Acknowledgement

The author thanks all those who took part in the discussions on the French edition, and specifically Nadine Richez-Battesti, Jean Michel Servet, Jean-Marie Bouquery and Henri Jacot for their remarks and suggestions, as well as Camille Meyer. He remains solely responsible for any errors or omissions.

Citation

Paranque, B. (2016), "An Alternative to Shareholder Value Creation: Subverting the Domination of Capitalist Exchanges through the Production of Uses and Common Pool Resources Management ", Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance (Critical Studies on Corporate Responsibility, Governance and Sustainability, Vol. 10), Emerald Group Publishing Limited, Bingley, pp. 17-87. https://doi.org/10.1108/S2043-905920160000010023

Publisher

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Emerald Group Publishing Limited

Copyright © 2016 Emerald Group Publishing Limited