Ownership, control and economic outcomes

Jonathan Michie and Linda Lobao

Cambridge Journal of Regions, Economy and Society, 2011, vol. 5, issue 3, 307-324

Abstract: Ownership is central to how the economic system operates. Yet the topic is widely neglected. This is particularly surprising given the 2007–2008 credit crunch, which created in 2009 the first global recession since the 1930s. Ownership played a crucial role, from the drive for ‘shareholder value’, through to the mortgages for home ownership used to create new financial instruments. The resulting bad debts were taken on by governments seeking to prevent a collapse of the global and national monetary systems. This transformed the banking crisis into a sovereign debt crisis. Whether a new era of global economic prosperity can be found depends on whether the importance of ownership is recognised, with policies for diversifying ownership forms to create systemic resilience. Copyright 2011, Oxford University Press.

Date: 2011
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Cambridge Journal of Regions, Economy and Society is currently edited by Judith Clifton, Anna Davies, Betsy Donald, Emil Evenhuis, Stefania Fiorentino (Associate Editor), Harry Garretsen, Meric Gertler, Amy Glasmeier, Mia Gray, Robert Hassink, Dieter Kogler, Michael Kitson, Linda Lobao, Charles van Marrewijk, Ron Martin, Peter Sunley, Peter Tyler and Chun Yang

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