Wall Street capitalism as "the model" for market economies

Ellerman, David P. (author)

Throughout much of the world today, American-style Wall Street capitalism is taken as "the model" for a private property market economy. Yet, the Crisis of 2008 has caused some rethinking. This paper argues that far from being "the model," Wall Street capitalism institutionalizes irresponsibility, whereas markets are supposed to connect actions and the responsibility (positive or negative) for those actions. The mother of all the disconnects between action and responsibility is the absentee ownership of business corporations through the stock market. The basic solution is to re-constitute the corporation so that the "human association which in fact produces and distributes wealth" becomes the "association recognised by the law" as being the legal corporation.

• Language: English
• Keywords: Capitalism, Corporations, Kapitalizem, Korporacije, Lastništvo, Odgovornost, Ownership, Responsibility, tržno gospodarstvo
• Work type: Not categorized
• Typology: 1.01 - Original Scientific Article
• Organization: FDV - Faculty of Social Sciences
• Publisher: Fakulteta za sociologijo, politične vede in novinarstvo v Ljubljani
• Year: 2012
• Number of pages: Str. 922-934, 1040
• Numbering: Letn. 49, št. 6
• PID: 20.500.12556/RUL-79406
• UDC: 336.761:330.142.23
• ISSN on article: 0040-3598
• COBISS.SI-ID: 31783773
• Publication date in RUL: 30.12.2015

Record is a part of a journal

• Title: Teorija in praksa : revija za družbena vprašanja
• Shortened title: Teor. praksa
• Publisher: Visoka šola za politične vede, Visoka šola za politične vede, Visoka šola za sociologijo, politične vede in novinarstvo, Fakulteta za sociologijo, politične vede in novinarstvo, Fakulteta za družbene vede
• ISSN: 0040-3598
• COBISS.SI-ID: 763652

Secondary language

• Language: Slovenian

Abstract

V velikem delu sveta dandanes ameriški tip Wall Street kapitalizma velja za "pravi model" tržne ekonomije, utemeljene na zasebni lastnini. Vendar je kriza 2008 spodbudila premislek. Članek trdi, da namesto, da bi bil model trga, ki povezuje dejanja in odgovornost (pozitivno in negativno) za ta dejanja, Wall Street kapitalizem institucionalizira neodgovornost. Mati vseh nepovezanosti dejanj in odgovornosti je pasivno lastništvo poslovnih korporacij prek borze. Osnovna rešitev je reorganizirati korporacijo tako, da "skupnost ljudi, ki dejansko ustvarja in razporeja bogastvo" postane skupnost, prepoznana po zakonu kot pravna korporacija.

• Keywords: tržno gospodarstvo