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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

William Lazonick and Jang-Sup Shin

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198846772
eISBN:
9780191881770
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198846772.001.0001
Subject:
Business and Management, Corporate Governance and Accountability

This book explains how an ideology of corporate resource allocation known as “maximizing shareholder value” (MSV), that emerged in the 1980s and came to dominate strategic thinking in business ... More


Conclusion

Patrícia Alves de Matos

in Disciplined Agency: Neoliberal Precarity, Generational Dispossession and Call Centre Labour in Portugal

Published in print:
2020
Published Online:
May 2021
ISBN:
9781526134981
eISBN:
9781526158413
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7765/9781526134998.00015
Subject:
Anthropology, Social and Cultural Anthropology

The concluding chapter begins by providing a brief overview of the most recent developments in the Portuguese call centre sector, followed by a review of the book’s core argument: the Portuguese call ... More


The non-profit paradox after the 2008 financial crisis: How to survive within a changing scenario

Sandro Busso and Joselle Dagnes

in The Foundational Economy and Citizenship: Comparative Perspectives on Civil Repair

Published in print:
2020
Published Online:
May 2021
ISBN:
9781447353355
eISBN:
9781447353379
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781447353355.003.0005
Subject:
Political Science, Democratization

The chapter explores the Italian market for social welfare, focusing on the key features and main changes of the nonprofit sector within this field. The nonprofit sector has undoubtedly played a ... More


Civil society and the movement for public water: Water management and its transformation in the UK1 and Italy

Sergio Marotta and Ferdinando Spina

in The Foundational Economy and Citizenship: Comparative Perspectives on Civil Repair

Published in print:
2020
Published Online:
May 2021
ISBN:
9781447353355
eISBN:
9781447353379
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781447353355.003.0009
Subject:
Political Science, Democratization

This chapter considers water supply within the general framework of the foundational economy. By highlighting the complex relationships in water governance between the public sector, the market and ... More


Value extraction from land and real estate in Karachi

Arif Hasan

in Global gentrifications: Uneven development and displacement

Published in print:
2015
Published Online:
September 2015
ISBN:
9781447313472
eISBN:
9781447313502
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781447313472.003.0010
Subject:
Political Science, Public Policy

This chapter demonstrates how processes of gentrification in Karachi, Pakistan, are linked to networks with differing spatial reaches. Not only are those behind an emerging historic preservation ... More


Valuing Maintenance, Valuing Workers

John Krinsky and Maud Simonet

in Who Cleans the Park?: Public Work and Urban Governance in New York City

Published in print:
2017
Published Online:
September 2017
ISBN:
9780226435442
eISBN:
9780226435619
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226435619.003.0008
Subject:
Sociology, Social Stratification, Inequality, and Mobility

Chapter 8 summarizes our findings and concludes by bringing the distinct parts of our argument together. It considers both the ways in which value is extracted from the process of parks maintenance ... More


The Functions of the Stock Market and the Fallacies of Shareholder Value

William Lazonick

in Corporate Governance in Contention

Published in print:
2018
Published Online:
July 2018
ISBN:
9780198805274
eISBN:
9780191843402
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198805274.003.0006
Subject:
Business and Management, Corporate Governance and Accountability, Finance, Accounting, and Banking

This chapter analyses the evolution of US stock markets in terms of five functions: ‘control’, ‘cash’, ‘creation’, ‘combination’, and ‘compensation’. I argue for the centrality of the control ... More


The Stock Market as a Value-Extracting Institution

William Lazonick and Jang-Sup Shin

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

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198846772
eISBN:
9780191881770
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198846772.003.0003
Subject:
Business and Management, Corporate Governance and Accountability

This chapter debunks the conventional wisdom that the primary function of the stock market is to be a value-creating institution, raising cash for corporations by pointing to the fact that the ... More


The Value-Extracting Insiders

William Lazonick and Jang-Sup Shin

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

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198846772
eISBN:
9780191881770
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198846772.003.0004
Subject:
Business and Management, Corporate Governance and Accountability

This chapter focuses on the general transformation of senior corporate executives in the United States from industrialist leaders dedicated to value creation into financial engineers intent on value ... More


The Value-Extracting Outsiders

William Lazonick and Jang-Sup Shin

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

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198846772
eISBN:
9780191881770
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198846772.003.0006
Subject:
Business and Management, Corporate Governance and Accountability

This chapter exposes a particularly aggressive species of activist shareholder, hedge-fund activists, who are ready to take advantage of changes in proxy-voting and engagement rules to enhance their ... More


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