'Quarterly capitalism' reform: Huge task ahead for Hillary

IT is brave of Hillary Clinton to challenge "quarterly capitalism" (the habit of listed firms in the United States to focus on short-term financial results rather than long-term business objectives), but it is questionable whether she appreciates the magnitude of the task she faces in seeking reform.

It will require more than simply tax measures that reduce incentives for firms to target their share prices. Nothing less than a reversal of the "shareholder revolution" that swept through the major Anglo-Saxon economies from the 1970s onwards will be needed.

Former British prime minister Margaret Thatcher's dream of a "shareholder democracy" became reality (with a little help from her friend former US president Ronald Reagan's mumbo jumbo about the "magic of the market place"). That dream has since turned into something of a nightmare.