...a different view

Manchester Capitalism Working Paper Series

Our working papers and public interest reports continue to be published on the CRESC web site where our back catalogue of publications since 2004 is archived and can be freely accessed. Below is a list of the team’s working papers and public interest reports since 2009. By clicking on the link, readers will be able to download a pdf file.
Readers will note that our core team moves on from one object to another and therefore breaks the first principle of academic life which is specialization by method or object. The CRESC team’s classic early output was the Financialization and Strategy book of 2006 which could so easily have led to an academic career elucidating six different kinds of financialization. Instead, their key later outputs from 2009 -13 took the form of a new kind of public interest report on diverse sectors including banking, meat supply and railways. 


The shift reflected the change in conjuncture and the unforeseen and unwanted transition from the “great moderation” into the continuing post-2008 finance-led crisis. Instead of taking the diffusion of capitalist prosperity for granted, we now have to come to terms with capitalist instabilities and inequalities; and most immediately, how the crisis has wrecked public finances in ways which affect all our jobs and public services. These changes also reframe our policy choices and our concept of policy because technocratic management choices and claims to expertise are challenged by events and the question now is whether and how it is politically possible to control a finance sector which privatized gains and socialised losses.


The Alternative Banking Report (CRESC, September, 2009) presented empirics which challenged arguments about the socially valuable contribution of finance to tax revenues and job creation; and also raised questions about the unconstructive and inflationary bias of finance sector lending towards property and financial assets. It was followed by the After the Great Complacency (2011) which was distinctive because it presented the crisis as an elite debacle and combined analysis of market bricolage with political argument
The conclusion of the 2011 book was that finance is effectively unreformable. The immediate reason for this is that a small elite controls financial policy making which therefore takes the form of timid measures for banking reform measures and bold non-standard policies like QE which cannot effectively be challenged by outsiders. The underlying problem is that, as a recent BIS report nicely illustrates, financial policy elites can question the success of non-standard policies but all share an entirely orthodox view of the economy where the objectives of GDP growth and more jobs are to be achieved by structural reform. 


The CRESC Working Paper 75 on the national business model in 2009 and Working Paper 87 on rebalancing in 2011 highlighted unsustainability, and further work on industrial policy emphasises the irrelevance of much official policy. Research projects on meat supply and railways have reinforced our interest in the mundane and led towards the foundational economy concept. This continues the earlier work because point value is about the financialised mis-management of the foundational economy. At the same time, Ismail Erturk maintains a continuing interest in banking and the question of unaccountable elite power concerns us in many ways.


 

Working Papers

 

2014

John Law (2014), 'Working well with Wickedness', CRESC Working Paper 135.
John Law and Karel Williams (2014), 'A State of Unlearning? Government as Experiment', CRESC Working Paper 134.

 

2013

Justin Bentham, Andrew Bowman, Marta de la Cuesta, Ewald Engelen, Ismail Erturk, Peter Folkman, Julie Froud, Sukhdev Johal, John Law, Adam Leaver, Mick Moran and Karel Williams (2013), 'Manifesto for the Foundational Economy', CRESC Working Paper 131.

Justin Bentham, Andrew Bowman, Julie Froud, Sukhdev Johal, Adam Leaver and Karel Williams (2013), 'Against New Industrial Strategy: Framing, Motifs and Absences', CRESC Working Paper 126.
Andrew Bowman, Julie Froud, Sukhdev Johal, Michael Moran and Karel Williams (2013), 'Business Elites and Undemocracy in Britain: a Work in Progress', CRESC Working Paper 125.
Daniel Tischer (2013), 'Swimming Against the Tide: Ethical Banks as Countermovement', CRESC Working Paper 124.
John Law, Geir Afdal, Kristin Asdal, Wen-yuan Lin, Ingunn Moser and Vicky Singleton (2013), 'Modes of Syncretism: notes on non-coherence', CRESC Working Paper 119.

 

2012

Andrew Bowman, Ismail Ertürk, Julie Froud, Sukhdev Johal, John Law, Adam Leaver, Mick Moran and Karel Williams (2012), 'The Finance and Point-Value-Complex', CRESC Working Paper 118.
Julie Froud, Sukhdev Johal, Adam Leaver and Karel Williams (2012), 'Apple Business Model: Financialization across the Pacific', CRESC Working Paper 111.
Ismail Ertürk, Julie Froud, Sukhdev Johal, John Law, Adam Leaver, Michael Moran and Karel Williams (2012), 'Deep Stall? The euro zone crisis, banking reform and politics', CRESC Working Paper 110.
John Law and Marianne Lien (2012), 'Denaturalising Nature', available at Newcomers to the Farm Project Website.

2011

John Law (2011), 'Assembling the Baroque', CRESC Working Paper 109.
Julie Froud, Sukhdev Johal, Adam Leaver, Michael Moran and Karel Williams (2011), 'Groundhog Day: elite power, democratic disconnects and the failure of financial reform in the UK', CRESC Working Paper 108.
Ismail Ertürk, Julie Froud, Sukhdev Johal, Adam Leaver, Michael Moran and Karel Williams (2011), 'City State against National Settlement: UK Economic Policy and Politics after the Financial Crisis', CRESC Working Paper 101.
Ismail Erturk, Julie Froud, Adam Leaver, Mick Moran, Karel Williams (2011), 'Haldane’s Gambit: Political Arithmetic and/or a New Metaphor', CRESC Working Paper 097.
John Law, Evelyn Ruppert and Mike Savage (2011), 'The Double Social Life of Methods', CRESC Working Paper 095.
Ewald Engelen, Ismail Erturk, Julie Froud, Sukhdev Johal, Adam Leaver, Michael Moran and Karel Williams (2011), 'Misrule of Experts? The Financial Crisis as Elite Debacle', CRESC Working Paper 094.
Julie Froud, Sukhdev Johal, John Law, Adam Leaver and Karel Williams (2011), 'Rebalancing the Economy (Or Buyer's Remorse)', CRESC Working Paper 087.

2010

Mike Savage, Evelyn Ruppert and John Law (2010), 'Digital Devices: nine theses', CRESC Working Paper 86.

 

2009

Julie Froud, Adam Leaver, Karel Williams, Sukhdev Johal and John Buchanan (2009), 'Undisclosed and unsustainable: problems of the UK national business model', CRESC Working Paper 75.
Julie Froud, Sukhdev Johal, Johnna Montgomerie and Karel Williams (2009), 'Escaping the tyranny of earned income? The failure of finance as social innovation', CRESC Working Paper 66.

 

2008

Julie Froud, Sukhdev Johal, Adam Leaver and Karel Williams (2008), 'Ownership Matters: Private equity and the political division of ownership', CRESC Working Paper 61.
Ewald Engelen, Ismail Erturk, Julie Froud, Adam Leaver and Karel Williams (2008), 'Financial Innovation:Frame, Conjuncture and Bricolage', CRESC Working Paper 59.
Johnna Montgomerie, Adam Leaver and Adriana Nilsson (2008), 'Losing the battles but winning the war: the case of UK Private Equity Industry and mediated scandal of summer 2007', CRESC Working Paper 57.
Julie Froud, Adam Leaver, Siobhan McAndrew, David Shammai and Karel Williams (2008), 'Rethinking Top Management Pay: From Pay for Performance to Pay as Fee', CRESC Working Paper 56.

Julie Froud, Adam Leaver, Gindo Tampubolon and Karel Williams (2008), 'Everything for Sale: How Non-executive Directors Make a Difference', CRESC Working Paper 46.

2007

Sukhdev Johal and Adam Leaver (2007), 'Is the stock market a disciplinary institution? French giant firms and the regime of accumulation', CRESC Working Paper 38.
Julie Froud and Karel Williams (2007), 'Private equity and the culture of value extraction', CRESC Working Paper 31.

 

2006

Peter Folkman, Julie Froud, Sukhdev Johal and Karel Williams (2006), 'Working for Themselves?: Capital market intermediaries and present day capitalism', CRESC Working Paper 25.
Ismail Erturk, Julie Froud, Sukhdev Johal, Adam Leaver and Karel Williams (2006), 'Agency, the romance of management pay and an alternative explanation', CRESC Working Paper 23.
Julie Froud, Sukhdev Johal, Adam Leaver, Richard Phillips and Karel Williams (2006), 'Stressed by choice: a business model analysis of the BBC', CRESC Working Paper 22.
Julie Froud, Mike Savage, Gindo Tampubolon and Karel Williams (2006), 'Rethinking Elite Research', CRESC Working Paper 12.

 

2005

Ismail Ertürk, Julie Froud, Stefano Solari and Karel William (2005), 'The reinvention of prudence: household savings, financialisation and forms of capitalism', CRESC Working Paper 011.
Ismail Erturk, Julie Froud, Sukhdev Johal, Adam Leaver and Karel Williams (2005), 'The democratisation of finance? Promises, outcomes and conditions', CRESC Working Paper 009.
Julie Froud, Sukhdev Johal, Adam Leaver and Karel Williams (2005), 'General Electric: the Conditions of Success', CRESC Working Paper 005.