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In the 1970s global financial markets were controlled by governments, compartmentalized along national boundaries and segregated according to the particular activities they engaged in. All that disintegrated in the decades that followed under the pressure of market forces, global integration, and a revolution in the technology of trading. However, none of the outcomes were inevitable despite the forces at work. Instead, they were the product of decisions taken at the time for a variety of reasons. Banks, exchanges, and regulators were faced with unprecedented challenges and opportunities, as a revolution swept away traditional ways of conducting banking, the methods used to trade in financial markets, and the rules and regulations employed to enforce discipline. One outcome of the scale and pace of the changes that took place was the Global Financial Crisis of 2008, which exposed the fragility of the new structures created. Since then new structures have been put in place and they were put to the test by the consequences of the coronavirus epidemic of 2020. Global financial markets are never at rest and this book captures that world through the perspective of banks, exchanges, and regulators. Nothing like it has been attempted before.

This book presents the outcomes of the research project on “The New Silk Road: Implications for higher education and research cooperation between China and Europe.” It addresses questions regarding how academic mobility and cooperation is taking shape along the New Silk Road and what difference it will make in the global higher education landscape. It presents a rich collection of contributions by scholars from Europe, China, the USA, Russia, and Australia, combining perspectives from anthropology, computer sciences, economics, education, history, law, political science, philosophy, science and technology studies, sinology, and sociology. Introductory chapters present the global context for the NSR, the development of Chinese universities along international models, and the history and outcomes of EU–China cooperation. The flows and patterns in academic cooperation along the New Silk Road as they shape and have been shaped by China’s universities are explored in more detail in the following chapters. The conditions for Sino-foreign cooperation are discussed next, with an analysis of regulatory frameworks for cooperation, recognition, data, and privacy. Comparative work follows on the cultural traditions and academic values, similarities and differences between Sinic and Anglo-American political and educational cultures, and their implications for the governance and mission of higher education, the role of critical scholarship, and the state and standing of the humanities in China. The book concludes with contributions focusing on the “Idea of a University”; the values underpinning its mission, shape, and purpose, reflecting on the implications of China’s rapid higher education development for the geo-politics of higher education itself.

Companies across all industries are engaging in digital transformation to harness the power of advanced information technologies. Building on interviews and diverse case studies, this book describes how data and algorithms are reshaping management practices, organizational structures, corporate culture, and work roles. The book develops a broad framework for understanding digitalization not as a technological change, but as a new normative mindset, ‘the data imperative’. New managerial ideals compel companies to pursue digital omniscience and omnipotence—the abilities to represent and understand the world through real-time data flows and to control customer experiences, physical equipment, and workers with software. The efforts to complement and replace human expertise with data and smart algorithms are associated with shifts in strategic priorities, adoption of powerful modular architectures, new organizational structures, and introduction of artificial intelligence into diverse work roles. Surveying the changes in management and the workplace, this book offers an integrative and balanced account of the ongoing changes. It elaborates how artificial intelligence is changing work at all levels of the hierarchy and envisions how the emerging artificially intelligent organization will change how professionals work. The frameworks and ideas espoused in this book will help the reader understand the ongoing changes in the workplace that affect everyone from executives and professionals to frontline workers.

Around the world, federalism has emerged as the system of choice for nascent republics and established nations alike. This book considers the most promising forms of federal governance and the most effective path to enacting federal policies. The result is an essential guide to federalism, its principles, its applications, and its potential to enhance democratic governance. The book assess different models of federalism and their relative abilities to promote economic efficiency, encourage the participation of citizens, and protect individual liberties. Under the right conditions, the book argues, a federal democracy—including a national legislature with locally elected representatives—can best achieve these goals. Because a stable union between the national and local governments is key, the book also proposes an innovative method for evaluating new federal laws and their possible impact on state and local governments. Finally, to show what the adoption of federalism can mean for citizens, the book discusses the evolution of governance in the European Union and South Africa's transition from apartheid to a multiracial democracy. Interdisciplinary in approach, the book brims with applicable policy ideas and comparative case studies of global significance.

This book analyses the role that the diaspora play when returning as entrepreneurs to their homeland. Returnee entrepreneurs are defined as individuals who have moved away from their home country and lived as part of the diaspora, and have later returned home to live, invest, or both. With increased movements of people around the world, the role of transnational economic activity is becoming ever more significant, yet little is still understood about the motivations and contribution of those who return to their homeland to undertake entrepreneurial activity. The book examines return to post-conflict economies, with the returnees initially forced to move due to war. In doing so, it examines policy approaches to return and the intentions of returnees, and highlights the important role that emotional attachment plays in harnessing return. The book recognises the undoubted potential of diaspora entrepreneurs to benefit their homeland. Yet it also recognises the challenges in doing so. Not all diaspora entrepreneurship will be beneficial. Not all policy interventions will be effective, despite good intentions. Yet the lessons contained within this book are that by understanding the challenges and opportunities associated with diaspora return entrepreneurship, more effective strategies can be put in place.

Failures are common phenomena in civilization. Things fail and society responds, often very slowly, sometimes inappropriately. What kinds of things go wrong? Why do they go wrong? How do people and organizations react to failures? What are the best ways to react? This book addresses these questions. The analytic approach to these questions is case based and addresses 18 well-known cases of failures. A multi-level framework is employed to integrate findings across the case studies. These findings are employed to outline a conceptual approach to integrated failure management. The overarching conclusion is that the conceptual design of an integrated approach to failure management can encompass all of the 18 case studies. They all would have benefitted from the same conceptual decision support architecture. This enables cross-cutting system design principles and practices, assuring that failure management in every new domain and context need not start with a blank slate.

The retail industry globally is in an era of profound, perhaps unprecedented, change, change which has been further accelerated for many by the impact of the COVID-19 global pandemic and its attendant health and economic crises. This book is intended to serve as a wide-ranging, robust, practical guide to leaders of enterprises tasked with understanding and delivering success in the new landscape of retailing. Part 1 describes the major directions and drivers of change that define the new global landscape of retailing. Accelerating changes in technology, the rise to prominence globally of internet enabled shoppers and the rapid emergence of entirely new retail enterprises and business models are combining to re-shape the very fundamentals of the retail industry. The new landscape of retailing is unforgiving: success can be achieved more quickly than ever before but failure is equally rapid. Opportunities in the new landscape of retailing are profound, but so too are the challenges. Part 2 discusses the structures, skills and capabilities that retail enterprises will need to be successful in this new landscape and the skills and capabilities required of the leaders of retail enterprises. More than 25 detailed case studies of innovative, successful enterprises internationally and more than one hundred smaller examples, all updated and many new since the first edition, are used to illustrate the themes discussed. Frameworks are presented to provide practical guidance for enterprise leaders to understand and contextualize the nature of change re-shaping retail landscapes globally. Clear guidance is given of the capabilities, skills and perspectives needed at both an enterprise and personal leadership level to deliver success in the new landscape of retailing.

Private pensions provision in the United Kingdom is in crisis—but it is not the crisis often depicted in political and popular discourses. While population ageing has affected traditional pensions practice, the imperilment of pensions is due in fact to the incompatibility of pensions provision’s peculiar temporality with the financialization of the wider economy. This book offers a political economy perspective on the development of private pensions, focusing specifically on how policy elites have sought to respond to perceived crises of demographic change, undersaving, and fund deficits, and in doing so absorbed imperatives to subject individuals to a market-led regime under the influence of neoliberal ideology. This terrain is explored through chapters on the historical and comparative context of UK pensions provision, the demise of collectivist provision, the rise of pensions individualization (and the state’s role as facilitator and regulator in this regard), and the financial and economic context in which pensions provision operates. The book offers an original understanding of the unique temporality and materiality of pensions provision, as a set of mechanisms for coping with generational change and forecast failures in capitalist economies. Accordingly, it also offers a nuanced account of pensions statecraft, challenging a tendency in the existing literature to focus on the boundary between state and market, rather than how the pensions market operates (and the state’s role in this). The book ends by outlining a coherent and radical programme of progressive pensions reform, steeped in the author’s experience as a policy practitioner.

This book deals with risk capital provided for established firms outside the stock market, private equity. It has grown rapidly over the last three decades, yet it is largely poorly understood. Although private equity has often been criticised in the public mind as being short-termist and having adverse consequence for employment, in reality this is far from the case. Dispelling some of the biggest myths and misconceptions about private equity, the book explains in detail what private equity involves and provides a review of the systematic evidence of what the impact of private equity has been. Written in a highly accessible style, it takes the reader through what private equity means, the different actors involved, and issues concerning sourcing, checking out, valuing, and structuring deals. The book contains summary tables of the academic research carried out over the past three decades across the private equity landscape, including the returns to investors, economic performance, impact on R&D and employees, and the longevity and life-cycle of private equity backed deal.

Around the world, people nearing and entering retirement are holding ever-greater levels of debt than in the past. This is not a benign situation, as many pre-retirees and retirees are stressed about their indebtedness. Moreover, this growth in debt among the older population may render retirees vulnerable to financial shocks, medical care bills, and changes in interest rates. Contributors to this volume explore key aspects of the rise in debt across older cohorts, drill down into the types of debt and reasons for debt incurred by the older population, and review policies to remedy some of the financial problems facing older persons, in the United States and elsewhere. The authors explore which groups are most affected by debt, and they also identify the factors causing this important increase in leverage at older ages. It is clear that the economic and market environments are influential when it comes to saving and debt. Access to easy borrowing, low interest rates, and the rising cost of education have had important impacts on how much people borrow, and how much debt they carry at older ages. In this environment, the capacity to manage debt is ever more important as older workers lack the opportunity to recover for mistakes.

Schumpeter’s venture money examines the role of financial innovation and monetary thought throughout economic history, following the unique perspective of the leading scholar of a monetary theory of economic development. It proceeds with the analysis along three threads. The first thread is the history of money, or more precisely the continuous stream of innovations that has improved and expanded the scope of financing new ventures. The second thread is the complementary stream of ideas in the history of monetary thought. Finally, Josef Schumpeter himself, his theoretical vision and personal vita of failed financial ventures, is the third thread that ties everything together.

Virtually all enterprises are regulated in a host of ways and regulation is crucial not merely to economic success but to protecting consumer, worker, environmental, and an array of other interests. Regulation, though, is often seen negatively: as a tiresome interference with entrepreneurial activity. This negative vision is unhelpful in addressing business and other needs for productive forms of regulation. Taming the Corporation offers an alternative, positive, vision of regulation. It stresses the role of good regulation in allowing businesses to flourish, serve markets effectively, and respect broader interests. This paves the way for more productive regulatory designs. It looks at the characteristics of good regulation and provides businesses, consumers, and citizens with the arguments that they need when they push for regulatory controls that serve their needs. Understandings of regulation are also served by looking at the potentially positive roles of control strategies ranging from ‘command laws’ to ‘nudges’. The book, in addition, provides a more detailed examination of three key regulatory challenges in the modern world: regulating for sustainability; addressing global warming; and controlling digital platforms. Taming the Corporation offers a new vision of regulation—as a positive way to steer corporate power in productive and useful directions. It turns the traditional regulation discussion on its head. Regulatory theories are discussed but the book also uses numerous case examples to illustrate and address real life challenges.

Process studies of organizations focus attention on how and why organizational actions and structures emerge, develop, grow or terminate over time. Time, timing, and temporality, are inherent to organizational process studies, yet time remains an under-theorized construct that has struggled to move beyond chronological conceptions of “clock” time. Missing from this linear view are ongoing debates about objectivity versus subjectivity in the experience of time, linear versus alternative structures of time, or an appreciation of collective or culturally determined inferences of temporality. This is critical because our understanding of time and temporality can shape how we view and relate to organizational phenomena—as unfolding processes or stable objects. History is an equally important but under-theorized concept in organization studies. Organizational theorists have struggled to move beyond two limited conceptualizations of historical processes: history as a constraint on organizations’ capacity for change, or history as a unique source of competitive advantage. Both approaches suffer from the restrictive view of history as an objective set of “brute facts” that are exterior to the individuals, organizations, and collectives that experience them. The historical turn in management has triggered an effort to re-theorize history in organizations in a more nuanced manner, and management theory is acquiring a “historical consciousness”—an awareness of time, history, and memory as critical elements in processes of organizing. This volume draws together emerging strands of interest in adopting a more nuanced orientation toward time and history to better understand the temporal aspects of organizational processes.