Actions for Investing in innovation : confronting predatory value extraction in the US corporation

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Investing in innovation : confronting predatory value extraction in the US corporation / William Lazonick

Author
Lazonick, William
Published
Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2023.
Physical Description
1 online resource (89 pages) : digital, PDF file(s).
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Series
Contents
Productive Capabilities and Sustainable Prosperity -- Innovative Enterprise -- From Retain-and-Reinvest to Downsize-and-Distribute -- Shareholder-Value Ideology and the Looting of the U.S. Business Corporation -- Shareholder-Value Ideology and the Looting of the U.S. Business Corporation.
Summary
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.
Subject(s)
ISBN
9781009410700 (ebook)
9781009410731 (paperback)
Note
Title from publisher's bibliographic system (viewed on 04 Aug 2023).
View MARC record | catkey: 42252102