Beyond crony capitalism: financialization, flexible actors and private power in transition economies—the case of Agrokor

IF 3.2 2区 经济学 Q1 ECONOMICS
P. Stubbs, Mislav Žitko
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引用次数: 0

Abstract

In this article, we provide a critique of the concept of crony capitalism as the dominant explanation of change in economies in transition-based as it is on an idealized technocratic representation of ‘free markets’. We do this through an analysis of the fall of the Croatian company Agrokor, one of the most important companies in post-socialist Southeast Europe. The Agrokor case allows for an understanding of state-economy restructurings in times of crisis, and the competing temporalities and rhythms of corporate practices, political interventions and public perceptions. Agrokor can be considered as a symbol of many of the unfolding contradictions of transnational capitalism in the semi-periphery. The nature of Agrokor’s demise is understood as a result of the hyper-financialization of the firm and the rise of transnational predatory finance. The translation of liquidity and debt crises into a fundamental restructuring of the conglomerate, ushering in a shift in power and control, is the product of active work by a range of agents and an attempted resolution, partial and unfinished, of a struggle for dominance between fractions of capital.
超越裙带资本主义:转型经济中的金融化、灵活的行为者和私人权力——以Agrokor为例
在这篇文章中,我们对裙带资本主义的概念进行了批判,裙带资本主义是转型期经济体变化的主要解释,因为它是基于“自由市场”的理想化技术官僚代表。我们通过分析克罗地亚公司Agrokor的倒闭来做到这一点,Agrokor是后社会主义时代东南欧最重要的公司之一。Agrokor案使我们能够理解危机时期的国家经济重组,以及企业实践、政治干预和公众认知的竞争时间和节奏。Agrokor可以被认为是跨国资本主义在半边缘地区许多矛盾的象征。Agrokor倒闭的本质被理解为该公司过度金融化和跨国掠夺性金融兴起的结果。将流动性和债务危机转化为企业集团的根本性重组,带来权力和控制权的转变,是一系列代理人积极工作的结果,也是部分和未完成的资本份额之间争夺主导权斗争的尝试解决的结果。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
6.80
自引率
10.80%
发文量
56
期刊介绍: Originating in the Society for the Advancement of Socio-Economics (SASE), Socio-Economic Review (SER) is part of a broader movement in the social sciences for the rediscovery of the socio-political foundations of the economy. Devoted to the advancement of socio-economics, it deals with the analytical, political and moral questions arising at the intersection between economy and society. Articles in SER explore how the economy is or should be governed by social relations, institutional rules, political decisions, and cultural values. They also consider how the economy in turn affects the society of which it is part, for example by breaking up old institutional forms and giving rise to new ones. The domain of the journal is deliberately broadly conceived, so new variations to its general theme may be discovered and editors can learn from the papers that readers submit. To enhance international dialogue, Socio-Economic Review accepts the submission of translated articles that are simultaneously published in a language other than English. In pursuit of its program, SER is eager to promote interdisciplinary dialogue between sociology, economics, political science and moral philosophy, through both empirical and theoretical work. Empirical papers may be qualitative as well as quantitative, and theoretical papers will not be confined to deductive model-building. Papers suggestive of more generalizable insights into the economy as a domain of social action will be preferred over narrowly specialized work. While firmly committed to the highest standards of scholarly excellence, Socio-Economic Review encourages discussion of the practical and ethical dimensions of economic action, with the intention to contribute to both the advancement of social science and the building of a good economy in a good society.
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