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Predatory Value Extraction - How the Looting of the Business Corporation Became the US Norm and How Sustainable Prosperity Can Be Restored (Hardcover)
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Predatory Value Extraction - How the Looting of the Business Corporation Became the US Norm and How Sustainable Prosperity Can Be Restored (Hardcover)
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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.
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