The joint stock company, the foundation unit of modern capitalism, is dead. But corporate managerial capitalism is alive and kicking. Whatever the constitutional theory that shareholders are in ultimate control, this myth is daily confounded by repeated evidence of management takeover from the inside. Shareholdings have become so remote and so fragmented, and the tentacles […]
Posts Tagged ‘Glencore’
Glencore-Xstrata shenanigans show corporate managerial power out of control
Jun 3rd, 2012 by Michael Meacher.
Beware commodity price bubbles
May 19th, 2011 by Michael Meacher.The floating of Glencore today at a value of £38bn is a watershed in contemporary international capitalism. Its initial public offer is the biggest yet launched on the London stock market, making its chief executive an overnight multi-billionaire worth £6bn, but its significance goes far wider. It may well mark the turning point in the […]
