Business historian Alfred Chandler documented the rise of the modern managerial corporation in his magisterial Strategy and Structure (1962).The book showcased General Motors, along with chemical ...

Once upon a time, there was a wise and kindly Emperor, with a faithful retainer called Sid. One day, the Emperor took him aside ‘You are serving me well, and as a mark of my esteem, you will receive a ...

Modern banks – and most other financial institutions – trade in securities, and the growth of such trade is the main explanation of the growth of the finance sector. Lending to firms and individuals ...

Is economic cost benefit analysis a key tool of evidence-based policy, which has transformed the quality of public decision making? Or a pseudo-scientific cover for irrational decisions made on quite ...

Begin with some paradoxes. About five years ago, I undertook a review of the UK equity markets for the British government. I had to listen endlessly to complaints about financial regulation from ...

For many years, much of the British workforce enjoyed lifetime employment with a secure pension, based on final salary and underpinned by a reliable employer. Then came Robert Maxwell’s looting of the ...

It is a remarkable fact, but few businesses ever seem to fail because of excessive leverage, misconceived strategies, or inability to meet the needs of their customers. They struggle because banks ...

Last week, Sears, America’s leading retailer through most of the 20th century, filed for bankruptcy protection under Chapter 11 of the US commercial code. You might have thought this was just another ...

The equity markets with which we are familiar came into being in the 19th century to finance railways and railroads. Railways and railroads were capital intensive projects, and the capital required ...

The contrast between Brecht’s whimsy and the catch phrase of The Apprentice, ‘You’re fired.’, illustrates why the skills of the successful business leader differ from those of the successful ...

In this remarkable and intensely readable book, Jesse Norman dispels ‘five myths’ about Adam Smith. Norman is a Conservative MP, and the very existence of the book, which draws on his background as a ...