Jonathan Michie
University of Oxford, Kellogg College, Faculty Member
- Professor of Innovation & Knowledge Exchange, Director of the Department for Continuing Education, and President of K... moreProfessor of Innovation & Knowledge Exchange, Director of the Department for Continuing Education, and President of Kellogg College, University of Oxford. Chair, Board of Governors, UWC Atlantic College.edit
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The past 30 years are often depicted as an era of globalisation, and even more so with the recent rise of global giants such as Google and Amazon. This updated and revised edition of The Handbook of Globalisation offers novel insights... more
The past 30 years are often depicted as an era of globalisation, and even more so with the recent rise of global giants such as Google and Amazon. This updated and revised edition of The Handbook of Globalisation offers novel insights into the rapid changes our world is facing, and how best we can handle them.
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The Political Economy of Competitiveness offers an original perspective on the relationship between economic theory and policy. It places the issues within an accessible political economy perspective. Rejecting the narrowness of... more
The Political Economy of Competitiveness offers an original perspective on the relationship between economic theory and policy. It places the issues within an accessible political economy perspective. Rejecting the narrowness of mainstream economics the authors deploy an interdisciplinary approach to the problem of economic growth, placing it in its historical and political context. Issues covered include: * trade theory and policy * industrial decline and policy * markets, competition and innovation * globalisation, unemployment and government policy. The book provides a valuable guide to the major economic policy issues for both economists and business students.
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Part 1 The global economy: the modern dialectic - ideology and economics reality, John Kenneth Glabraith the economic instability of the 1980s, F. Targetti East European debt - a comparative perspective, H. van Zon. Part 2 Kalecki and... more
Part 1 The global economy: the modern dialectic - ideology and economics reality, John Kenneth Glabraith the economic instability of the 1980s, F. Targetti East European debt - a comparative perspective, H. van Zon. Part 2 Kalecki and Kaldor: Kalecki and Kaldor on development finance, L. Harris Kaldor's vision of the growth and development process, A.P. Thirlwall analyzing the operation of market economies in the spirit of Kaldor an Kalecki, Malcolm C. Sawyer. Part 3 Wages and prices: the search for a "stylized fact" of cyclical wages, J. Michie efficiency wages - mark-up pricing and effective demand, P. Skott the economic of shortage - a post-Kaleckian approach, M. Sawyer. Part 4 Supply side socialism: industrial restructuring and public intervention, Nicholas Costello, et al supply side socialism in the UK - a post-Keynesian perspective, Philip Arestis.
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The full-text of this article is not available in ORA at this time. Citation: Michie, J., Oughton, C. & Zanfei, A. (2002). 'Globalisation, growth and employment', Journal of Interdisciplinary Economics, 13(1-3), 1-12.
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There have been many seminal studies of the way the economy operates, and of how economic activity relates to other areas of life studied by the social sciences, most obviously society and politics. In 1776, The Wealth of Nations by Adam... more
There have been many seminal studies of the way the economy operates, and of how economic activity relates to other areas of life studied by the social sciences, most obviously society and politics. In 1776, The Wealth of Nations by Adam Smith became the most comprehensive analysis and description up to that time of the way the economy functions — and of the direct implications of this for society, for example regarding the division of labour at work, and the division of income and wealth between social classes. The Wealth of Nations remains widely cited, perhaps most commonly as regards the ‘invisible hand’ of the market. Just under a hundred years later, in 1867, Marx published Volume 1 of Capital which sought to explain the ‘laws of motion’ of capital — that is, of the capitalist economy and of the individual firms that drive it. The failure of the ‘invisible hand’ to bring together idle resources and unmet needs — creating the sort of economic slump that Marx had analysed — led to another great work of economics just under seventy years later in the form of Keynes’s General Theory of Employment, Interest and Money in 1936. While Adam Smith enjoyed a renaissance during the decades of privatisation, deregulation, demutualisation and monetisation from the Thatcher/Reagan era of the 1980s onwards, with the Adam Smith Society gaining prominence in the UK, the works of Marx and Keynes have regained some prominence since the global financial crisis of 2007–2008, leading as it did to the first global recession since the 1930s, in 2009.
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Bringing together the thoughts of leading football analysts and commentators with representatives of the main football and regulatory bodies, this volume reports on the latest developments and future prospects for football in Europe, and... more
Bringing together the thoughts of leading football analysts and commentators with representatives of the main football and regulatory bodies, this volume reports on the latest developments and future prospects for football in Europe, and more specifically in England. Individual ...
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... Ronald Dore, "'Goodwill and the Spirit of Market Capitalism'", British Journal of Sociology, Vol ... of transaction costs in determining the governance (ownership and direction) of the firm by reference to key... more
... Ronald Dore, "'Goodwill and the Spirit of Market Capitalism'", British Journal of Sociology, Vol ... of transaction costs in determining the governance (ownership and direction) of the firm by reference to key concepts such as opportunism (self-seeking with guile), transaction-specific ...
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This paper argues that ownership forms and governance arrangements will play a critical role in ensuring the future of mutual practices and outcomes for the Mars Corporation. Mutuality is one of the company’s five core principles, and... more
This paper argues that ownership forms and governance arrangements will play a critical role in ensuring the future of mutual practices and outcomes for the Mars Corporation. Mutuality is one of the company’s five core principles, and members of Mars, Incorporated have increasingly been exploring how mutuality can be harnessed and embedded, thereby producing positive outcomes for both the corporation and its stakeholders. This paper looks specifically at how ownership structures can contribute to the mutuality of the corporation. There are plenty of member-owned ‘mutual’ businesses that fail to develop and implement the necessary policies and practices to take full advantage of their mutuality for business purposes: it is an opportunity lost. Conversely, there are non-mutuals, in the sense of organisations that are not member-owned, but which pursue mutuality as a business principle. These companies gain some advantage from so doing, but perhaps not to the full extent that would be ...
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N.B. Professor Michie was based at Birkbeck College when this article was first published. The full-text of this article is not available in ORA at this time. Citation: Hamil, S. et al. (2002). 'The state of the game: the corporate... more
N.B. Professor Michie was based at Birkbeck College when this article was first published. The full-text of this article is not available in ORA at this time. Citation: Hamil, S. et al. (2002). 'The state of the game: the corporate governance of UK football clubs', New Academy Review, 1(1), 79-92.
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This paper argues that ownership forms and governance arrangements will play a critical role in ensuring the future of mutual practices and outcomes for the Mars Corporation. Mutuality is one of the company’s five core principles, and... more
This paper argues that ownership forms and governance arrangements will play a critical role in ensuring the future of mutual practices and outcomes for the Mars Corporation. Mutuality is one of the company’s five core principles, and members of Mars Incorporated have increasingly been exploring how mutuality can be harnessed and embedded, thereby producing positive outcomes for both the corporation and its stakeholders. This paper looks specifically at how ownership structures can contribute to the mutuality of the corporation. There are plenty of member-owned ‘mutual’ businesses that fail to develop and implement the necessary policies and practices to take full advantage of their mutuality for business purposes: it is an opportunity lost. Conversely, there are non-mutuals, in the sense of organisations that are not member-owned, but which pursue mutuality as a business principle. These companies gain some advantage from so doing, but perhaps not to the full extent that would be possible were those principles to be supported by a degree of actual mutual ownership, and with less chance of that mutuality being sustainable. Companies that do not reward their employees or customers with any actual ownership stakes may nonetheless seek to engender a ‘sense of ownership’ amongst them: this may pay dividends, but it is likely to be more effective and sustainable if underpinned by a degree of actual ownership. This paper argues firstly, that to get the most out of mutuality, and to make is sustainable, requires a degree of mutual ownership. Using ‘trust’ or ‘foundation’ structures has proved successful at delivering such outcomes in a range of companies across the leading industrialised economies. Looking forward, to the question of how Mars Incorporated may choose to structure its own ownership and governance arrangements in the future, the company is involved in a range of interesting activities globally that might usefully seek to develop forms of mutuality with their suppliers and other ‘stakeholders’ in their distributional value chain. In so doing, Mars would be promoting mutual ownership within other, new companies. This would have three beneficial effects. First, it would strengthen the sustainability of those ventures themselves. Second, it would contribute positively to the degree of corporate diversity and resilience within those economies. And third, it would contribute in imaginative and innovative ways to the growth and development of the mutual sector itself, globally and over time.
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Research Interests: Business, Political Science, Football, Club, Shareholder, and 3 moreSupporter, Championship, and League
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The issues that have been referred to the EU's competition commission are described: including the question of multi-club ownership, the block to the setting up of an independent pan-European Super League, and preserving the... more
The issues that have been referred to the EU's competition commission are described: including the question of multi-club ownership, the block to the setting up of an independent pan-European Super League, and preserving the integrity of national competitions. It is argued that until ...
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Research Interests: Economics, Globalization, Innovation Policy, Economics of Innovation, Management of Innovation, and 10 moreDesign Innovation, Technological Innovation, Innovation and Knowledge Management, Open Innovation, Innovation and Creativity (Business), Social Innovation, Innovation Management, Global Economy, Innovation & Change Management, and Innovation
ABSTRACT The post-2008 global financial crisis rekindled the spotlight on alternative forms of corporate organization, including mutuals and co-operatives. These are the focus for this collection. We explain and cover such organizational... more
ABSTRACT The post-2008 global financial crisis rekindled the spotlight on alternative forms of corporate organization, including mutuals and co-operatives. These are the focus for this collection. We explain and cover such organizational forms across north-east Asia (China, Taiwan, South Korea) and south-east Asia (Vietnam, Papua New Guinea, Malaysia) and a range of sectors, from agriculture to bakeries to health. We also provide a tabular overview of the collection's content and proffer some implications and pointers to the future for both research and theory.
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Knowledge and technological innovation play a crucial role in economic activities. While this has long been recognized by managers, scientists and engineers it is only really since the early 1980s that economists have devoted much effort... more
Knowledge and technological innovation play a crucial role in economic activities. While this has long been recognized by managers, scientists and engineers it is only really since the early 1980s that economists have devoted much effort to studying the way in which knowledge leads to the generation and diffusion of technological innovation. This attention has, however, produced a vast literature which has begun to shed some light into the ‘black box’ of the relationship between technology and the productive process (see, in particular, Rosenberg,). The initial hypotheses in a handful of pioneering works during the 1950s and 1960s on the economic determinants and impact of innovation have since been corroborated by a substantial amount of theoretical and empirical research.1
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Technological innovation is said to be breaking down borders. The Internet, the explosion of globalised financial markets, increased foreign direct investment by transnational corporations-all are portrayed as evidence of a global market... more
Technological innovation is said to be breaking down borders. The Internet, the explosion of globalised financial markets, increased foreign direct investment by transnational corporations-all are portrayed as evidence of a global market in which the nation-state is ...
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The Socialist Economic Review had been published annually by Lawrence and Wishart (under the Merlin Press imprint) in the early 1980s. The papers arose from an annual conference. The Socialist Economic Review was organised initially... more
The Socialist Economic Review had been published annually by Lawrence and Wishart (under the Merlin Press imprint) in the early 1980s. The papers arose from an annual conference. The Socialist Economic Review was organised initially around the Alternative Economic Strategy, attracting economists from the left of the political spectrum (particularly from the left of the Labour Party and from the Communist Party). When Lawrence and Wishart decided to stop publishing the Socialist Economic Review, other publishers were approached. Edward Arnold (a publisher of books and journals for students, academics and professionals) responded with a suggestion for a journal, which then became the International Review of Applied Economics. Malcolm Sawyer and Saziye Gazioglu were instrumental in arranging this, and were asked to be the lead editor and associate editor respectively of the International Review of Applied Economics, having both served previously as co-editors of the Socialist Economic Review. The editorial board of the International Review reflected its origins in the Socialist Economic Review, and welcomed the opportunity to internationalise and broaden the contributors and audience beyond the UK. The International Review of Applied Economics was launched in 1987 with two issues. Shortly after, it was joined at Edward Arnold by the Review of Political Economy (whose first issue was in 1989) as something of a companion journal, in that both journals promoted the development of heterodox economic analysis. The International Review of Applied Economics invited papers which involved the ‘application of economic ideas to the real world. Applied economics is interpreted to include both the publication of empirical work, and the application of economics to the evaluation and development of economic policies. The interaction between empirical work and economic policy is an important feature of the International Review.’ Papers and book review articles would be published ‘in the area of applied policy-oriented economics. It [the IRAE] adopts a broadly left-of-centre perspective on economic policy,
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Chapter 17 describes how the concept of mutuality extends well beyond that of mutually owned businesses. Mars itself is entirely owned by the Mars family. Many of the companies described in the book are stock corporations with external... more
Chapter 17 describes how the concept of mutuality extends well beyond that of mutually owned businesses. Mars itself is entirely owned by the Mars family. Many of the companies described in the book are stock corporations with external shareholders. One of the ways in which family firms can retain a focus on the common purpose of the business after the family has withdrawn or sold out to other shareholders is through ‘industrial foundations’ that confer a substantial fraction of the ownership of firms on foundations. These are particularly commonplace in Denmark and Germany, and some of the most successful companies in the world, such as the shipping company Maersk and the media firm Bertelsmann have these ownership forms. The principle of the Economics of Mutuality is about aligning the interests of diverse parties to a common purpose. This can be adopted in companies with any type of ownership but where it takes the form of, for example, mutuals or foundations, then it creates a c...
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Globalisation impacts almost all aspects of our lives. Smart-phones give access to news, documents and communications instantaneously and globally. It is said that change is accelerating, and the nation state is increasingly... more
Globalisation impacts almost all aspects of our lives. Smart-phones give access to news, documents and communications instantaneously and globally. It is said that change is accelerating, and the nation state is increasingly anachronistic. This book challenges that consensus. Globalisation is as old as capitalism, as is technological change. The reduced power of national governments is due to the free-market form of globalisation created by the 1980s administrations of Thatcher and Reagan leading to the 2008-2009 global financial crisis and recession. We need to move beyond this, taxing wealth and speculation to create a new era of sustainable development, globally.