Ghoshal's Ghost: Financialization and the End of Management Theory
Philosophy of Management, Vol. 14(1): pp. 29-45, 2015
37 Pages Posted: 10 May 2016 Last revised: 20 May 2016
Date Written: May 8, 2015
Sumantra Ghoshal's condemnation of "bad management theories" that were "destroying good management practices" has not lost any of its salience, after a decade. Management theories anchored in agency theory (and neo-classical economics generally) continue to abet the financialization of society and undermine the functioning of business. An alternative approach (drawn from a more classic institutional, new ecological, and refocused ethical approaches) is reviewed.
Keywords: Agency Theory, Complexity Theory, Financialization, Institutional Economics, John Rawls, Thorstein Veblen
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