Industrieller Kapitalismus und Finanzmarktrationalität – am Beispiel des Umbruchs in der (traditionellen) deutschen Großchemie

Abstract

The paper deals with fiancialisation in the German chemical and pharmaceutical industry, focussed on Hoechst, Bayer, and BASF. Important restructuring in each of these companies is justified by financial markets’ requirements. However, that restructuring has not been enforced by institutional investors or financial markets, it was driven by dominant management coalitions referring to financial rationality. Therefore the outcome of financialisation of rather similar companies has been extremely heterogeneous. The most important general outcome was the end of the technology based integrated chemical and pharmaceutical company as a paradigm for the core of the industry. An important social outcome was the increased heterogenity and differentiation of wage and labour conditions where homogeneous standards based on one overall collective agreement used to be in force, with only upward variation by companies. As decisions on what financialisation may be in big companies are a matter of strategic choice, workers and labour representatives may be able to influence respective strategies, depending on their ability and preparedness to draw on power resources in collaboration.