It may be hard to believe in an era of Walmart, Citizens United,
and the Koch brothers, but corporations are on the decline. The
number of American companies listed on the stock market dropped by
half between 1996 and 2012. In recent years we've seen some of the
most storied corporations go bankrupt (General Motors, Chrysler,
Eastman Kodak) or disappear entirely (Bethlehem Steel, Lehman
Brothers, Borders). Gerald Davis argues this is a root cause of the
income inequality and social instability we face today.
Corporations were once an integral part of building the middle
class. He points out that in their heyday they offered millions of
people lifetime employment, a stable career path, health insurance,
and retirement pensions. They were like small private welfare
states. The businesses that are replacing them will not fill the
same role. For one thing, they employ far fewer people - the
combined global workforces of Facebook, Yelp, Zynga, LinkedIn,
Zillow, Tableau, Zulily, and Box are smaller than the number of
people who lost their jobs when Circuit City was liquidated in
2009. And in the "sharing economy," companies have no obligation to
most of the people who work for them - at the end of 2014 Uber had
over 160,000 "driver - partners" in the United States but
recognized only about 2,000 people as actual employees. Davis
tracks the rise of the large American corporation and the economic,
social, and technological developments that have led to its
decline. The future could see either increasing economic
polarization, as careers turn into jobs and jobs turn into tasks,
or a more democratic economy built from the grass roots. It's up to
us.
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