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THE INSTITUTIONAL CONTEXT OF FINANCIALIZATION (Wzrost znaczenia dochodow z operacji finansowych w korporacjach nie-finansowych (financialization) - kontekst instytucjonalny)

100%
Zabkowicz A.
Organization and Management
|
2009
|
issue 2(136)
25-39
EN
The paper focuses on changing pattern of accumulation in the leading corporate organizations. The observation refers to the increased profit-making through financial channels by these agents, especially those from non-financial sectors, as well as to their increased vulnerability to developments in financial markets. It is argued, that the identification of such a behaviour, called here the financialization, offers an inspiring perspective on a nature of contemporary economy. The analytical approach draws from institutional economics. Accordingly, the points on institutional interlocking at three layers of analysis are made: between the financialization and new institutional arrangements in the corporate domain; between a shift in corporate governance and changing social coalitions and values in the domain of state; between the changing institutional framework and economic policies. It is found out that the outcomes result in ideational systems, such as the shareholder view in corporate governance, managerial capitalism, neo-liberal policies, which seem to be adequate to the complex contemporary meaning of globalization. Due to global value chains, the finanzialization of the American and European corporations has its consequences for the developing South. The referred patterns and problems are also transferred to other peripheral economies, new member states of the EU included.
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MARKET SOCIALIZIATION AND GLOBALISATION PROCES. THE CASE OF THE PENSION FUNDS (Uspolecznienie rynku a proces globalizacji. Przypadek funduszy emerytalnych)

100%
Zabkowicz A.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2008
|
issue 21
11-27
EN
The paper discusses the idea of socialized market, developed among others by Karl Polanyi and German ordoliberalism and institutionalized in the framework of the welfare state. The idea is eroding since labour interests, backed by the capitalist state have come under pressure of global business. Under globalized competition the welfare state seems to submit the idea of socialized market on behalf of the idea of free market. The European Union which is an association of national welfare states, paradoxically, seems to follow the economic liberalism (neoliberalism). Poland in spite of constitutional declaration on behalf of social market economy actually seems to undertake the UE drift. A study of pension funds has been undertaken in order to illustrate the trend observed, namely the shrinking of socialized sphere on behalf of the expansion of private global interests. The study refers to operations of so called 'second pillar' of the pension system in Poland.
3

MULTINATIONALS AND THEIR STAKEHOLDERS. INSTITUTIONALISATION OF THE DIALOGUE - CASE STUDIES FROM POLAND (Instytucjonalizacja dialogu z interesariuszami. Studia przypadków przedsiebiorstw miedzynarodowych w Polsce)

63%
Zabkowicz A., Pietras K.
Organization and Management
|
2009
|
issue 3(137)
91-108
EN
The paper presents selected cases of multinational enterprises, which are the leaders in stakeholder relations in Poland. The empirical part is preceded by the introduction, which situates the case studies in the theoretical framework of industrial relations. In this area the generalization of evidence from the existing capitalist systems has produced two perspectives. Corporate governance is perceived from shareholder's view as well as from stakeholder's view. The presented results refer to the second of the mentioned models. The empirical part discusses the origins of the practice of incorporating stakeholders' expectations into companies' operations and presents types of stakeholders' participation, as well as the process of dialogue institutionalisation. Finally, recommendations concerning the inner-organizational conditions promoting effective dialogue are formulated.
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