Frames and conjunctures in present-day capitalism

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Frames and conjunctures in present-day capitalism Powered By Docstoc
					Frames and conjunctures in present-day capitalism
Karel Williams
Soundings; Summer 2009; 42; Docstoc
pg. 102


				
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Description: According to the 1990s 'weightless economy' narrative of academics and consultants, the falling costs of (digital) information unglued supply chains and undermined established business models, so that incumbent firms and established suppliers could be unseated by digital start-ups that were to be valued on their prospects rather than their current turnover or profitability. The major actors in coupon pool capitalism need a story and also have to put on a performance, because everybody knows that talk is cheap in the new polity, where intermediary elites must endlessly rehearse the justification of their positions and tax privileges in terms of general socio-economic benefits. [...] private equity has to sell itself as a better form of ownership than the public company, while hedge funds emphasise the market benefits of hedging by players who do more than take long-only positions.
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