Accéder directement au contenu Accéder directement à la navigation
Article dans une revue

Limited liability and its moral hazard implications: the systemic inscription of instability in contemporary capitalism

Abstract : The principle of limited liability is one of the defining characteristics of modern corporate capitalism. It is also, we argue in this article, a powerful structural source of moral hazard. Engaging in a double conceptual genealogy, we investigate how the concepts of moral hazard and limited liability have evolved and diffused over time. We highlight two parallel but unconnected paths of construction, diffusion, moral contestation, and eventual institutionalization. We bring to the fore clear elective affinities between both concepts and their respective evolution. Going one step further, we suggest that both concepts have come to be connected through time. In the context of contemporary capitalism, limited liability has to be understood, we argue, as a powerful structural source of moral hazard. In conclusion, we propose that this structural link between limited liability and moral hazard is an important explanatory factor of the systemic instability of contemporary capitalism and, as a consequence, of a pattern of recurrent crises that are regularly disrupting our economies and societies.
Liste complète des métadonnées

https://hal-sciencespo.archives-ouvertes.fr/hal-01891963
Contributeur : Spire Sciences Po Institutional Repository <>
Soumis le : lundi 26 juillet 2021 - 14:08:52
Dernière modification le : mardi 27 juillet 2021 - 03:46:22

Fichier

2013-djelic-limited.pdf
Fichiers produits par l'(les) auteur(s)

Licence


Distributed under a Creative Commons Paternité - Pas d'utilisation commerciale - Partage selon les Conditions Initiales 4.0 International License

Identifiants

Collections

Citation

Marie-Laure Salles-Djelic, Joel Bothello. Limited liability and its moral hazard implications: the systemic inscription of instability in contemporary capitalism. Theory and Society, Springer Verlag, 2013, 42 (6), pp.589 - 615. ⟨10.1007/s11186-013-9206-z⟩. ⟨hal-01891963⟩

Partager

Métriques

Consultations de la notice

21

Téléchargements de fichiers

25