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A Better Way of Doing Business?Lessons from The John Lewis Partnership$
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Graeme Salaman and John Storey

Print publication date: 2016

Print ISBN-13: 9780198782827

Published to Oxford Scholarship Online: September 2016

DOI: 10.1093/acprof:oso/9780198782827.001.0001

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The Big Picture

The Big Picture

Chapter:
(p.1) 1 The Big Picture
Source:
A Better Way of Doing Business?
Author(s):

Graeme Salaman

John Storeym

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198782827.003.0001

Something is wrong with the modern corporation, especially the US/UK version. The problem is what the firm is organized to achieve and for whom, and the ways in which it is exposed to the market where firms are bought and sold by forces more interested in making money on the transaction than ensuring the long-term profitability of the firm. This chapter rehearses the argument about the weaknesses of the prevailing conception of the firm and explores the manifestations of these weaknesses in a number of core issues: the emphasis on shareholder value, the emphasis on the market as a key dynamic, the conception of leadership underpinning the prevalent view of the firm, and the increasing role of management in the firm. This is the disturbing context within which the JLP assumes great significance, as, potentially an alternative model.

Keywords:   modern corporations, shareholder value, short-termism, financialization, ownership, financial crisis, capitalism

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