Contestants, Profiteers, and the Political Dynamics of Marketization: How Shareholders gained Control Rights in Britain, Germany, and France

Company Law › Legal History

Contestants, Profiteers, and the Political Dynamics of Marketization: How Shareholders gained Control Rights in Britain, Germany, and France

By Helen Callaghan
Oxford University Press January 2018

Specifications

ISBN-13
9780198815020
Publisher
Oxford University Press
Publication
January 2018
Format
Hardback
Jurisdiction
U.S. ? Countri(es) for reference only

Details

Since the early 1980s, governments worldwide have taken many measures to expand the role of markets. Recent political events reflect widespread disenchantment with neoliberal policies, but it remains doubtful whether populist leaders will deliver the market restraints that many of their voters expect.

This book explains the resilience of marketization processes by highlighting the role of profiteers- namely those who, like the organizer of a cock fight, benefit from contests regardless of who wins. By setting up shop on the sidelines, profiteers accumulate resources that boost political efforts to maintain and expand the arena of competition.

Evidence comes from the evolution of support for shareholder rights relating to takeover bids among key interest groups and political parties in three countries since the late nineteenth century.

Table of Contents

Contents
Abbreviations
Acknowledgements
1: Introduction
1.1: The Puzzle: Market Liberalization Across Advanced Capitalist Democracies
1.2: Analytic Focus: Policy Feedback Processes
1.3: The Argument
1.4: Research Operationalization
1.5: Case Selection
1.6: Epistemology, Ontology, and Method
1.7: Outline
2: The Political Dynamics of Marketizing Corporate Control
2.1: The Marketization of Corporate Control as a Regulatory Challenge
2.2: The Marketization of Corporate Control as a Political Process
2.3: Economic Dynamics of the Market for Corporate Control
2.4: Economic Dynamism and Political Salience
2.5: Summary
3: Britain
3.1: The Prewar and Interwar Periods: Barriers to Hostile Bids
Puzzle 1: What prevented market-enabling reforms?
3.2: Turning Point after the Second World War: The Removal of Barriers to Hostile Bids
Puzzle 2: Why did incumbents' defenses crumble?
3.3: Subsequent Evolution of Political Support for Market-Enabling Rules
Puzzle 3: Why did pro-market groups prevail?
3.4: Summary
4.: Germany
4.1: The Prewar, Interwar, and Postwar Periods: Barriers to Hostile Bids
4.2: Turning Point in the 1990s: The Removal of Barriers to Hostile Bids
Puzzle 1: What prevented market-enabling reforms?
Puzzle 2: Why did incumbents' defenses crumble?
4.3: Summary
5: France
5.1: Prewar, Interwar and Postwar Periods: Barriers to Hostile Bids
Puzzle 1: What prevented market-enabling reforms?
5.2: First Turning Point After the Second World War: State Supervision of Incumbents
5.3: Second Turning Point in the late 1960s: Steps Toward Marketization
Puzzle 2: Why did incumbents' defenses crumble?
5.4: Subsequent Evolution of Political Support for Market-Enabling Rules
5.5: Summary
6: Conclusion
6.1: Findings
6.2: Generalizability
6.3: Alternative Explanations
6.4: Value Added to Previous Research in the Same Empirical Domain
6.5: Broader Theoretical Significance
Bibliography
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