An updated revisting of the themes of Robin Marris' classic The Economic Theory of Managerial Capitalism (1964). This was widely recognised as pathbreaking as it was the first attempt by a professional economist to make a formal theory of the behaviour and growth of a large-scale 'managerial' corporation based on a realistic assessment of the sociological and institutional environment. The model determined the long-run growth rates of individual firms on the basis of the financial and market environment on the one hand and the needs, interest and aspirations of both managers and shareholders on the other. Managers in particular were shown to trade desire for growth against fear of takeover. These then novel important features of modern capitalism - mergers, takeovers and executive bonuses and the relationship between the growth of firms and the growth of the economy - have become increasingly topical. The book contains the original introduction along with reworked and updated coverage of the theoretical model, along with completely new chapters both of micro-theory and Marris' substantive response to the debate which the original book created.

Cambridge University has and continues to be one of the most important centres for economics. With nine chapters on themes in Cambridge economics and over 40 chapters on the lives and work of Cambridge economists, this volume shows how economics became established at the university, how it produced some of the world's best-known economists, including John Maynard Keynes and Alfred Marshall, plus Nobel Prize winners, such as Richard Stone and James Mirrlees, and how it remains a global force for the very best in teaching and research in economics. With original contributions from a stellar cast, this volume provides economists – especially those interested in macroeconomics and the history of economic thought – with the first in-depth analysis of Cambridge economics.

This book investigates the institutional characteristics of state-linked firms in Vietnam to draw lessons for investors/MNCs targeting Vietnam and other emerging markets in the region. Vietnam and many other ASEAN countries have gone through a period of privatization and equitization of wholly controlled SOEs, with the State retaining partial ownership in many privatized businesses. This book explains the dynamic relationships between the State, BODs, shareholders, and regulators and their influence on corporate governance and SOE performance. This book differs from other publications in that it extrapolates the findings from our study to a broader context on how the defined internal mechanisms implicate the local economy and global supply chains/markets. This book investigates robust theoretical foundations, and rigorous applied empirical research underpin the role of the State in SOEs. It differs from other studies in terms of qualitative and empirical research to provide the contextual setting to elucidate how to successfully navigate emerging market business with the State as an "owner-participant." This book explains the theoretical constructs of corporate governance in SOEs, applies empirical research methodologies, and draws results to validate inferences to (1) investigate the link between the board of directors and ownership attributes and agency cost levels using Vietnamese listed firms for the period from 2006 to 2013, (2) evaluate the effectiveness of State's corporate initiatives and monitoring through its sovereign wealth fund known as the State Capital Investment Corporation (SCIC), and (3) infer and explain the motivation of the State as a shareholder. This book takes cognizance of Vietnam's idiosyncratic institutional (using its sovereign wealth fund as an investment vehicle and management proxy), economic, regulatory, and corporate environments and the realities for developing an effective and sustainable business model, vis-à-vis the ownership structure, board of directors' composition and corporate governance, for better business performance. While the focus is on Vietnam, the content is also relevant to the role of the State in other emerging markets as a player in shaping the business strategy, model, and direction of SOEs.

The financial crisis that began in 2008 and its lingering aftermath have caused many intellectuals and politicians to question the virtues of capitalist systems. The 19 original essays in this Handbook, written by leading scholars from Asia, North America, and Europe, analyze both the strengths and weaknesses of capitalist systems. The volume opens with essays on the historical and legal origins of capitalism. These are followed by chapters describing the nature, institutions, and advantages of capitalism: entrepreneurship, innovation, property rights, contracts, capital markets, and the modern corporation. The next set of chapters discusses the problems that can arise in capitalist systems including monopoly, principal agent problems, financial bubbles, excessive managerial compensation, and empire building through wealth-destroying mergers. Two subsequent essays examine in detail the properties of the "Asian model" of capitalism as exemplified by Japan and South Korea, and capitalist systems where ownership and control are largely separated as in the United States and United Kingdom. The handbook concludes with an essay on capitalism in the 21st century by Nobel Prize winner Edmund Phelps.

China has become one of the fastest-growing economies ever seen in the world in recent times. In the last three decades, China has transformed itself from a command economy to a market one, albeit a nominally socialist one, and its management systems have been reformed accordingly. In the light of these changes, Malcolm Warner, one of the leading authorities on management in China, explores the past, present and future of Chinese management. The first part of the work examines the history of management practices in the ‘Middle Kingdom’, outlining the influence of traditional Chinese values, especially the Confucian inheritance, and the legacy of the imperial bureaucracy with its meritocratic examination system, as well as the role of industrialization and the influx of foreign-owned businesses in the late nineteenth century and the twentieth century. It next goes on to consider the current state of China’s management, showing how a new breed of manager has evolved since the beginning of Deng Xiaoping’s reforms in the late 1970s and 1980s. The resulting impact of this strategy which has continued into the 1990s and the 2000s, up to the present day, is then examined. The final part of the book concludes with reflections on how management in China is likely to develop in the near future, especially on how far it will converge with global practices or to what degree an indigenous form of management 'with Chinese characteristics' will prevail.

Managerial Economics involves an analysis of the allocation of the resources available to a firm, or a unit of management among the activities of that unit. It makes use of concepts and theories of economics and assists managers to make rational decision. The present book emphasizes on conceptual clarity and simplified presentation. The book comprehensively covers all the aspects that impinge upon economic decision making of modern business units. Thus, allowing a great deal of flexibility in the choice of topics that any teacher or student may wish to cover. This text would be helpful for the students of Commerce, Management, Economics, Engineering, Law, and other social sciences disciplines. It is also useful to the practicing managers of various business units within and outside the country. The book integrates various concepts and ideas from the fields of economics and other subjects, which have bearing on managerial decision making and policy formulation within the business unit. It provides a number of suitable examples, including large number of review questions, objective type questions and exercises. The text focuses on the concepts related to macroeconomics and business decision, and modern approaches to managerial economics.

Management has always been part of human organization, but it is only in the last two centuries or so that it has been the central driver of economic activity, as companies have moved from family firms to hugely complex, multinational corporations with many layers of management. The term management is commonly used in three ways: as a process or activity; as a structure in any organization; and as a group or class of people carrying out certain roles in an organization. This book is the first detailed account of the evolution of management in all three senses. The focus is mainly on the UK, but throughout the broader question of why corporate management structures developed so impressively in the USA, Germany and Japan is borne in mind, while arguably little progress was made in this regards in the UK. Equally the authors consider why, given that management is now so widely studied, so little careful research has been undertaken into the evolution of the practice and the profession of management. The book is divided into four sections. Part One provides An Introduction to Management History; Part Two, Management and Organization, explores the historical development through the 19th and 20th centuries; Part Three, Managers in Context, looks at the social and cultural context of management and managers; and Part Four considers three key functional areas, labour, marketing, and accounting and finance. This rich, detailed, and path-breaking book will be essential reading for anyone wanting to understand the evolution of management as we now understand it, whether academics, students or managers themselves.