01424nam 2200409 a 450 991069695680332120230902162252.0(CKB)5470000002383323(OCoLC)547549827(EXLCZ)99547000000238332320100308d2009 ua 0engurmn|||||||||txtrdacontentcrdamediacrrdacarrierPrivate pensions[electronic resource] additional changes could improve employee benefit plan financial reporting : report to the Chairman, Committee on Education and Labor, House of Representatives[Washington, D.C.] :U.S. Govt. Accountability Office,[2009]1 online resource ( pages) illustrationsTitle from PDF title screen (GAO, viewed Mar. 3, 2010)."November 2009.""GAO-10-54."Includes bibliographical references.Private pensions 401(k) plansFees, AdministrativeUnited StatesPensionsUnited States401(k) plans.Fees, AdministrativePensionsUnited States.Congress.House.Committee on Education and Labor.GPOGPOBOOK9910696956803321Private pensions1093025UNINA05960nam 2200745Ia 450 991095601700332120200520144314.0978946094648694609464889781299282131129928213X97894609470709460947077(CKB)2560000000099598(EBL)3015607(SSID)ssj0000885893(PQKBManifestationID)12395802(PQKBTitleCode)TC0000885893(PQKBWorkID)10815858(PQKB)11068454(Au-PeEL)EBL3015607(CaPaEBR)ebr10688548(CaONFJC)MIL459463(OCoLC)842900414(Au-PeEL)EBL30518789(MiAaPQ)EBC3015607(MiAaPQ)EBC30518789(OCoLC)1378390552(EXLCZ)99256000000009959820130425d2013 uy 0engurcn|||||||||txtccrCorporate law and economic stagnation how shareholder value and short-termism contribute to the decline of the western economies /Pavlos E. Masouros1st ed.The Hague ;Portland, OR Eleven International Publishingc20131 online resource (366 p.)Dovenschmidt monographs ;1Description based upon print version of record.9789462907768 9462907765 9789490947828 9490947822 Includes bibliography (pp. 287-327) and index.""Cover""; ""Dedication""; ""FOREWORD""; ""ACKNOWLEDGMENTS""; ""TABLE OF CONTENTS""; ""TABLE OF FIGURES""; ""PREFACE""; ""INTRODUCTION""; ""1. UNDERSTANDING THE STRUCTURAL PATHOLOGIES OF THE CURRENT MODEL OF CAPITALISM""; ""2. SHOULD CORPORATE GOVERNANCE BE FIXED IN THE POST-2008 WORLD?""; ""3. OUTLINE OF THE RESEARCH""; ""3.1. Outline of Chapter 1: The Great Reversal in Corporate Governance and the Great Reversal in Shareholdership""; ""3.2. Outline of Chapter 2: The Post-Keynesian Theory of the Firm""""3.3. Outline of Chapter 3: Corporate Law and the Great Reversal in Corporate Governance""""3.4. Outline of Chapter 4: Corporate Law and the Great Reversal in Shareholdership""; ""3.5. Outline of Chapter 5: The Path Towards Long Governance""; ""4. EMBEDDING THE RESEARCH IN THE CORPORATE GOVERNANCE LITERATURE""; ""4.1. An Overview Of The Comparative Corporate Governance Literature ""; ""4.2. The Research's Novelties in Relation to the Existing Comparative Corporate Governance Literature""; ""Chapter 1: CORPORATE GOVERNANCE AND INTERNATIONAL POLITICAL ECONOMY""""1.1. THE INTELLECTUAL SUBSTRUCTURE OF THE GOLDEN AGE OF CAPITALISM: KEYNESIAN ECONOMICS""""1.1.1. The Keynesian Theory on Uncertainty and the Notion of Confidential Crisis""; ""1.1.2. "The Liquidity Trap""; ""1.1.3. Keynesian Fiscalism""; ""1.2. THE MACROECONOMIC INSTITUTIONS OF THE GOLDEN AGE: THE BRETTON WOODS SYSTEM""; ""1.2.1. A Legal Analysis of the Bretton Woods Agreement""; ""1.2.2. The Bretton Woods System and the Restrictions on Capital Movement""; ""1.3. THE DECONSTRUCTION OF THE GOLDEN AGE: THE BREAKDOWN OF THE BRETTON WOODS SYSTEM""""1.3.1. The Deutsche Mark Floating and the Nixon Shock: The Fulfillment of the Triffin Dilemma Prophecy""""1.3.2. The Causality Relationship Between the Demise of Bretton Woods and the Oil Shocks of the 1970's""; ""1.3.3. Financing the Current Account Deficits: Petrodollar Recycling and Capital Account Liberalization""; ""1.4. THE MACROECONOMIC INSTITUTIONS OF THE POST-BRETTON WOODS WORLD""; ""1.4.1. The Capital Account Liberalization Movement""; ""1.4.2. The European Monetary Union and the Erga Omnes Free Movement of Capital""""1.4.3. The Interjurisdictional Competition for Siphoning Capital to National Financial Markets""""1.5. THE INTELLECTUAL SUBSTRUCTURE OF THE POST-BRETTON WOODS WORLD: NEOCLASSICAL ECONOMICS""; ""1.5.1. The Antidote to the Great Stagflation: Monetarism""; ""1.5.2. The Rise of New Classical Macroeconomics""; ""1.5.3. The Basic Tenets of the Neoclassical Orthodoxy""; ""1.5.4. Neoclassical Economics and the Deregulation Movement""; ""1.5.5. A Case Study on Deregulation: The US Banking Regulation""""1.6. THE SHIFT IN THE INSTITUTIONAL LOGICS OF CORPORATE GOVERNANCE IN THE POST-BRETTON WOODS WORLD""The shift in the institutional logics of corporate governance towards shareholder value coupled with shareholdership's increasing short-termism have cumulatively contributed to the low GDP growth rates that are observed in five major Western economies (France, Germany, The Netherlands, UK, US) since the breakdown of the Bretton Woods system in the 1970s. This book presents - through empirical data and with the help of the post-Keynesian theory of the firm - a historical causality chain: The two Great Reversals led to higher equity payout ratios and lower retention ratios in public corporations that in turn caused lower growth rates of (business) capital accumulation that in turn caused lower GDP growth rates. Corporate law has been an accomplice for the reorientation of corporate governance towards shareholder value, i.e. for the Great Reversal in Corporate Governance, and thus it indirectly shares the blame for the low rates of capital accumulation that have thrown the five major Western economies in a stagnation mode over the past four decades.Corporation lawEconomic aspectsStockholdersCorporation lawEconomic aspects.Stockholders.Masouros Pavlos E1801694MiAaPQMiAaPQMiAaPQBOOK9910956017003321Corporate law and economic stagnation4347064UNINA