CAPITALISM AFTER THE GREAT RECESSION: AGENDA FOR A NEW PROGRESSIVE DEVELOPMENT MODEL

In this article, it is argued that the Great Recession is none other than the collapse of the finance-led accumulation regime which is the core of the existing development model. Next, a new progressive development model is specified. Finally, an agenda for a new progressive development model is discussed. The core of a new progressive development model might be the knowledge-led accumulation regime (KLAR). The nature and macroeconomic circuit of the KLAR is specified. It is argued that if the KLAR is to be an economic base of the progressive development model in the 21st century, it should be embedded in the coordinated market economy and the green economy. As a major agenda of a new progressive development model, an economic safety net, social safety net, bottom-up economics, and flexicurity of labor market are proposed

Les grandes transformations de l’économie coréenne depuis 1962

Introduction Depuis 1962, l’économie coréenne a connu de grands bouleversements. Cette date marque en effet le début de l’industrialisation menée par le gouvernement. Elle est considérée comme le point de départ de la révolution industrielle coréenne. À partir de 1962 et en moins d’un demi-siècle, l’économie coréenne a connu d’importants tournants. De plus, le modèle de développement a été marqué par de profondes transformations structurelles : le tournant le plus important correspond à la cr..

The Knowledge-Led Accumulation Regime: A Theory of Contemporary Capitalism

The knowledge-led accumulation regime (KLAR) is a new accumulation regime that emerged as a way out of the crisis of Fordism. Even though it has a polarization tendency, KLAR has elements of an alternative development model beyond both Fordism and neoliberalism, since it could upgrade workers’ knowledge and enhance autonomy of workers. I attempted to propose a theory of KLAR that is an economic base of contemporary capitalism. Based on the Regulation theory with a relational approach and a micro-macro nexus analysis, I investigated the structures and dynamics of KLAR on the micro-and macro-level. On the micro-level, the analysis focused on the knowledge firm in which knowledge capital and knowledge labor interacts in employment relations. On the macro-level, I tried to show how the macroeconomic circuit of KLAR is completed. Moreover, the directions of institution building for a sustainable KLAR were suggested. Lastly, I clarified how institutional diversity results in alternative KLARs

Management Earnings Forecasts and Adverse Selection Costs: Good vs. Bad News Forecast

Purpose – The aim of this paper is to investigate the effect of management earnings forecasts on the level of information asymmetry around subsequent earnings announcement. Design/methodology/approach – Employing the adverse selection cost method suggested by George et al., the paper compares for each sample firm the adverse selection cost around earnings announcement in forecasting years with that in non‐forecasting years. Findings – Consistent with Diamond and Verrecchia is the finding that the earnings announcement in non‐forecasting years decreases information asymmetry during a three‐day announcement period and increases in a post‐announcement period up to seven days. No significant change in information asymmetry between pre‐ and post‐announcement periods when firms released a “good” news forecast is found. The firms that previously released a “bad” news forecast experience a significantly lower information asymmetry than those that did not forecast during announcement or post‐announcement days, and experience a decrease in information asymmetry in a five to seven‐day post‐announcement period. Originality/value – This paper provides the first empirical reports on the different information asymmetry changes around earnings announcements followed by a “good” news management forecast from those followed by a “bad” news forecast

Corporate Multinational Flexibility Option and Bankruptcy Resolution

This study is to examine the effects of a firm’s multinational flexibility option on the outcomes of Chapter 11 and durations in the process. For a sample of 403 U.S. companies that filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code, we find that multinational enterprises (MNEs) are more likely to emerge from Chapter 11 than domestic enterprises (DEs). Further examination finds that foreign sales ratio is not a significant predictor of successful emergence from Chapter 11, but foreign asset ratio and the number of foreign countries with a revenue-generating subsidiary improve the likelihood of emergence from Chapter 11, suggesting the advantages of multinational network such as operating flexibility, tax savings, and financing advantage