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New Capitalists: How Citizen Investors Are Reshaping the Corporate Agenda (Hardcover)

by Stephen Davis (Author), Jon Lukomnik (Author), David Pitt-Watson (Author)
4.2 out of 5 stars  See all reviews (4 customer reviews)
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Product details

  • Hardcover: 288 pages
  • Publisher: Harvard Business School Press; 1 edition (1 Oct 2006)
  • Language English
  • ISBN-10: 1422101010
  • ISBN-13: 978-1422101018
  • Product Dimensions: 23.4 x 16.3 x 3.3 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon.co.uk Sales Rank: 452,314 in Books (See Bestsellers in Books)

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Product Description

The Corporate Library, November 2006

A pleasure to read...three of the most respected thinkers on corporate
governance write with clarity, energy, and insight.


The Financial Times, November 1, 2006

...a vision of a new "civil economy", the goal of which is sustainable
prosperity brought about by "responsible management".
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5 of 5 people found the following review helpful:
5.0 out of 5 stars This important book lives up to the hype, 13 Dec 2006
This is an important book and it certainly lives up to the accolades it has already received. We are all aware of particular aspects of the changing balance of power in the financial world. The investing institutions are under pressure to play a more active role as shareowners and need to do so on behalf of those whose money they are investing. It is on that their legitimacy depends. We are therefore on the threshold of a new era, the civil economy, which The New Capitalists describes.

Where the authors break new ground is in the way that they take the various elements of the new social and economic framework which is emerging and show how they fit together. This is an integrative study, which brings the concept of the civil economy to life and points to the new patterns which are taking shape in the old economy. It both explains what is happening around us and points the way ahead. In addition, it is well written and readily accessible in the tradition of Adam Smith and Alfred Marshall.
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4 of 4 people found the following review helpful:
5.0 out of 5 stars Challenging book about the future of big business, 1 Nov 2006
By Jane B (London UK) - See all my reviews
The ideas in this book are pretty convincing, and it seems surprising they are not more widely acknowledged. The thought that we could all have a voice in the running of big corporations is an optimistic and inspiring one. I know how I want my pension fund to behave about companies which pollute, or treat their employees badly.

I'm not generally a reader of business books but I found this one very readable - partly because the arguments are generously seasoned with corporate anecdotes. It's worth dipping into even if you don't go for all the detail, although if you work in that area it's probably all a lot easier to follow.
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3 of 3 people found the following review helpful:
5.0 out of 5 stars Shareownership of the means of production, 11 Dec 2006
This book is all about ownership. At the core is the idea that the increasing spread of shareownership, principally because of the growth of funded pension systems, has the potential to bring about some significant changes in the naure of modern capitalism. To put it simply, because shareholders 'own' listed companies, and because the public these days are the shareholders (as opposed to wealthy individuals), then businesses are ultimately working for the public.

This central premise is not entirely new - Peter Drucker made this point quite a few years ago and, on the Left, it is a cornestone of the workers' capital movement. However this book goes a long way in exploring the wide-ranging implications that flow from this idea. Issues considered include what businesses should be aiming to do, the role of investors, accountancy and so on. Broadly the authors hope that the change in the nature of ownership should result in the creation of a civil economy to mirror civil society, and overall the book has an optimistic message.

It's worth noting that, as the system is currently structured, ownership through shares is actually expressed in a limited, and rather weak, form. Pension scheme members delegate responsibility to trustees who, in turn, typically delegate authority to fund managers. When fund managers do play the ownership role they tend to have pretty narrow objectives, and usually exclusively financial ones. However an important message from this book is that if the public and their representatives recognised and acted upon their role as owners this could bring about some significant changes.

These ideas do pose challenges for civil society organisations such as NGOs, unions etc as it means getting to grip with the natue of capital markets. (The authors also argue that NGOs need to get their own governance in order before attacking companies...) At the extreme maybe they need to start articulating their own conception of 'shareholder value', since an awful lot of the activity that is carried out in the name of it is actually bad news for the public both as employees and investors (mergers and acquisitions being an obvious example).

Overall it might be tempting for people on the Left to see this book as capitulating to capitalism. However I think that would be really missing the point. If you are interested in capitalism, where it is headed, and the potential to ensure it works for the benefit of society then you really should read this book.

And if you are a pension fund trustee it ought to be compulsory reading!
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2.0 out of 5 stars I beg to differ....
Let's not beat about the bush. This book is appallingly trite; poorly edited and boringly presented by people who can't write for toffee. Read more
Published 6 months ago by Barton Keyes

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