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measure of company failure) has risen by about 20
per cent compared to the beginning of the 1990s, and
the average size of failed companies’ liabilities has
also increased, yet the liabilities of bankrupt corporations still represent only 2½ per cent of total
corporate-sector funding. While the number of companies making restructuring announcements rose
significantly in 1999, most of these contained few
concrete details (OECD, 1999, p. 57) and may never
be fully implemented. For those who believe there is
a need for major shake-outs and the sweeping away
of old practices, this is merely further evidence of
the entrenched nature of the system.
It may be that this represents the triumph of
‘immobilist’ politics (Stockwin, 1988) and vested
interests standing in the way of change, as argued by
Noguchi (1995, 1996) and Lincoln (1998). A more
moderate view, typified by Carlile and Tilton (1998),
is that the objectives of the deregulation and of the
change so far promoted are distin...
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This note was uploaded on 02/03/2014 for the course ECON 204 taught by Professor Devero during the Summer '13 term at American University of Sharjah.
- Summer '13