Pitelis, Christos (1984) Corporate control, social choice and financial capital accumulation. PhD thesis, University of Warwick.

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Abstract

The aim of this thesis is to examine the impact of corporate
control on households' choice on consumption-savings and, as a result,
on financial capital accumulation. It attempts to provide an alternative
to the managerialist and neoclassical 'orthodoxies' in theory
(Part I) and subjects the alternative theories to empirical-econometric
testing (Part II). The central theme of the thesis runs as follows.
The emergence and growth of the joint-stock company has led to the
socialization of the 'ownership' of the means of production. The
latter has resulted in the generation of a higher level of aggregate
saving being available for investment purposes, than could I-lave been
the case in its absence. A preference on the part of the corporate
'controlling group' for higher retention and net inflow to the corporate
pension funds ratios than that of the non-controlling shareholders and
the latters' inability and/or unwillingness to substitute for increases
in corporate savings by sufficiently reducing their net personal savings,
has facilitated the achievement of this result. Historical consistency
and the existing evidence suggests that it is more plausible to interpret
the above as the result of capitalist control of today's corporations,
rather than managerial and/or all shareholders' control. Increases in
corporate saving and less than perfect substitution between corporate
and personal saving will tend to reduce the part of private income
devoted to consumption: thus containing the seeds of a realization
failure. The Saving Function should be extended to allow for these
developments: a proposed 'Monopoly Capitalism Saving Function' appears,
closer to describing saving behaviour today. The post-war U.K.
evidence does not contradict the above propositions. Our econometric
evidence lends support to our proposed form of the saving function, the
idea that different forms of saving substitute imperfectly and the other
hypotheses advanced in the thesis.

Item Type:	Thesis (PhD)
Subjects:	H Social Sciences > HC Economic History and Conditions
Library of Congress Subject Headings (LCSH):	Stock companies, Capitalism, Saving and investment, Stockholders
Official Date:	September 1984
Dates:	Date Event September 1984 Submitted
Institution:	University of Warwick
Theses Department:	Department of Economics
Thesis Type:	PhD
Publication Status:	Unpublished
Supervisor(s)/Advisor:	Cowling, Keith ; Stoneman, Paul
Sponsors:	Greek State Scholarship Foundation
Extent:	vi, 230 leaves
Language:	eng

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