Business corporations interact with household units and government
agencies to make investments in productive capabilities required to
generate innovative goods and services. When they work
harmoniously, these three types of organizations constitute 'the
investment triad'. The Biden administration's Build Back Better
agenda to restore sustainable prosperity in the United States has
focused on investment in productive capabilities by government
agencies and household units. Largely absent from the Biden agenda
have been policy initiatives to ensure that, given government and
household investment in productive capabilities, the governance of
major U.S. business corporations supports investment in innovation.
This Element explains how corporate financialization, manifested by
predatory value extraction in the name of 'maximizing shareholder
value', undermines investment in innovation in the United States.
It concludes by outlining a policy framework, beginning with a ban
on stock buybacks, that confronts predatory value extraction and
puts in place social institutions that support sustainable
prosperity.
General
| Imprint: |
Cambridge UniversityPress
|
| Country of origin: |
United Kingdom |
| Series: |
Elements in Corporate Governance |
| Release date: |
August 2023 |
| Authors: |
William Lazonick
|
| Pages: |
75 |
| ISBN-13: |
978-1-00-941073-1 |
| Categories: |
Books
|
| LSN: |
1-00-941073-3 |
| Barcode: |
9781009410731 |
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