Predatory Value Extraction: How the Looting of the Business Corporation Became the US Norm and How Sustainable...

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William Lazonick (Professor of Economics, Professor of Economics, University of Massachusetts Lowell) Jang-Sup Shin (Associate Professor of Economics, Associate Professor of Economics, National University of Singapore)

Predatory Value Extraction

How the Looting of the Business Corporation Became the US Norm and How Sustainable Prosperity...

William Lazonick (Professor of Economics, Professor of Economics, University of Massachusetts Lowell), Jang-Sup Shin (Associate Professor of Economics, Associate Professor of Economics, National University of Singapore)

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English

Oxford University Press
28 November 2019

Political economy; Economic systems & structures; Corporate finance; Corporate governance & responsibilities

Predatory Value Extraction explains how an ideology of corporate resource allocation known as 'maximizing shareholder value' (MSV) that emerged in the 1980s came to dominate strategic thinking in business schools and corporate boardrooms in the United States. Undermining the social foundations of sustainable prosperity, it resulted in employment instability, income inequity, and slow productivity growth. In explaining what happened to sustainable prosperity, William Lazonick and Jang-Sup Shin focus on the growing imbalance between value creation and value extraction in the U.S. economy, and the corporate-governance institutions that determine this balance in the nation's major business corporations. The imbalance has become so extreme that predatory value extraction is now a central economic activity, to the point at which the U.S. economy as a whole can be aptly described as a value-extracting economy.

Balancing the contributions of economic actors to value creation with their power to extract value provides the foundation for stable and equitable economic growth. When certain economic actors are able to assert their power to extract far more value than they contribute to the value-creation process, an imbalance occurs which, when extreme, leads to dire economic, political, and social consequences. This book not only explores these consequences, but also sets out an agenda for restoring sustainable prosperity.

By: William Lazonick (Professor of Economics Professor of Economics University of Massachusetts Lowell), Jang-Sup Shin (Associate Professor of Economics, Associate Professor of Economics, National University of Singapore)
Imprint: Oxford University Press
Country of Publication: United Kingdom
Dimensions: Height: 242mm, Width: 161mm, Spine: 19mm
Weight: 1g
ISBN: 9780198846772
ISBN 10: 0198846770
Pages: 252
Publication Date: 28 November 2019
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

1: The Growing Imbalance between Value Creation and Value Extraction 2: The Business Enterprise as a Value-Creating Organization 3: The Stock Market as a Value-Extracting Institution 4: The Value-Extracting Insiders 5: The Value-Extracting Enablers 6: The Value-extracting Outsiders 7: Innovative Enterprise Solves the Agency Problem 8: Reversing Predatory Value Extraction

William Lazonick is President of the Academic-Industry Research Network and Emeritus Professor of Economics at the University of Massachusetts. He has professorial affiliations with SOAS, University of London, and Institut Mines-Télécom in Paris. His research focuses on the social conditions of innovation, socioeconomic mobility, employment opportunity, income distribution, and economic development in advanced and emerging economies. Jang-Sup Shin is professpr of Economics at the National University of Singapore. His research interests include East Asian economic growth, financial crises and restucturing, technology and innovation, competitive strategies, and organizations of firms. He has previously served as a part-time economic advisor to the Finance Minister of Korea, as well as an editorial writer for Maeli Business Newspaper, a leading economic newspaper in Korea. crises and restucturing.

Reviews for Predatory Value Extraction: How the Looting of the Business Corporation Became the US Norm and How Sustainable Prosperity Can Be Restored

Lazonick and Shin have offered an important contribution to the emerging literature on industrial organization and its relationship with problems of inequality and stagnation in the United States. * Zack Knauss, ILR Review * This book richly deserves to be read and discussed by progressive economists and anyone who cares about the future of the US economy, including students. Each chapter is largely self-contained and well suited for assigned reading in undergraduate or graduate classes. * Mehrene Larudee, Review of Radical Political Economics *