Cash, Crisis, and Corporate Governance

The Role of National Financial Systems in Industrial Restructuring
Victoria Marklew
A "bottom-up" perspective on government-industry relations focusing on the government's role in restructuring industry in Europe and the U.S.

Description

This study chronicles four large manufacturers during a period of crisis and restructuring when they needed vast sums of money just to survive- let alone adapt to remain competitive. By focusing on how these firms found financing, Victoria Marklew shows that the way national financial systems channel money to industry is the key issue in industrial competitiveness.

The author challenges the traditional approach in comparative political economy by starting her analysis of government-industry relations at the level of the firm. By so doing, the author is able to chart in a unique way the role governments play in setting the boundaries of financial systems and to show how these boundaries fundamentally determine the kinds of financing to which a firm has access.

The case studies (comparing the British Steel Corporation's passage from state to private ownership, the French steel industry's evolution into the nationalized Usinor Sacilor, British Leyland's transition from a nationalized company to two privately-owned firms, and Peugeot SA's rise to a dominant firm in the French private sector) dramatically prove that whether ownership is public or private has little to do with a firm's ability to survive a crisis. By extending her arguments to the United States, Germany, and Japan, the author shows how apparently very different governments in fact behave remarkably similarly, highlighting more accurately where the key differences among them lie and what the consequences of these differences are.

Victoria Marklew holds a Ph.D. in Political Science from the University of Pennsylvania and is an International Economist for the Northern Trust Company, Chicago.

Praise / Awards

  • "This is a very good book. It makes a strong case for linking the micro to the macro in an effort to reveal how adjustment works from the bottom up. . . . It bridges political science approaches that are almost exclusively preoccupied with state behavior and business school approaches that examine corporate behavior. Each perspective illuminates different aspects of the same phenomenon, but the disciplinary distinction between politics and business remains sharp."
    Comparative Politics

Look Inside

Contents

Introduction - 1

Chapter
1. Industrial Crisis and Finance in the 1980s - 5
2. The British Steel Corporation - 55
3. The French Steel Industry - 85
4. Peugeot SA - 113
5. British Leyland: From BL to Jaguar and the Rover Group - 141
6. Extending the Argument: Government, Industry, and Finance in the 1990s - 175

Appendixes
1. The Steel and Auto Industries - 227
2. Abbreviations Used in Text - 231

Notes - 233
Bibliography - 247
Index - 257

Product Details

  • 6 x 9.
  • 273pp.
  • tables.
Available for sale worldwide

  • Hardcover
  • 1995
  • Available
  • 978-0-472-10504-5

Add to Cart
  • $83.00 U.S.

nothing
nothing
nothing