From shareholder value to present-day capitalism

This article introduces a journal special issue which examines how shareholder value and financialization have changed priorities and behaviours in present-day capitalism. This article opens the debate by reviewing three key issues: first, it considers the impact of shareholder value on national capitalisms in France, Germany and the USA; second, it analyses the effects of financialization on corporate strategy and sectoral performance; and, third, it reviews current conjectures about a finance-led macroeconomy and the possibility of a wealth-based growth regime.