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Lazonick explores the origins of the new era of employment insecurity and income inequality, and considers what governments, businesses, and individuals can do about it. He also asks whether the United States can refashion its high-tech business model to generate stable and equitable economic growth. --from publisher description.
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 corpo...
William Lazonick explores how technological change has interacted with the organization of work, with major consequences for national competitiveness and industrial leadership. Looking at Britain, the United States, and Japan from the nineteenth century to the present, he explains changes in their status as industrial superpowers. Lazonick stresses the importance for industrial leadership of cooperative relations between employers and shop-floor workers. Such relations permit employers to use new technologies to their maximum potential, which in turn transforms the high fixed costs inherent in these technologies into low unit costs and large market shares. Cooperative relations can also lead...
This book assesses the work, ideas, and influence of the doyen of business historians, Alfred Chandler, particularly on management innovation, strategy, organization, and finance.
Explains the transitions in twentieth-century industrial leadership in terms of changing business investment strategies and organizational structures.
This volume assesses China's transition to innovation-nation status in terms of social conditions, industry characteristics and economic impacts over the past three decades, also providing insights into future developments. Defining innovation as the process that generates a higher quality, lower cost product than was previously available, the introductory chapter conceptualizes the theory of an innovation nation and the lessons from Japan and Untied States. It outlines the key governance, employment and investment institutions that China must build for such transition to occur, and examines China's challenges and strategies to innovate in the era of global production systems. Two succeeding...
The globalization of capital markets since the 1980s has been accompanied by a vigorous debate over the convergence of corporate governance standards around the world towards the shareholder model. But even before the financial and economic crisis of 2008/2009, the dominance of the shareholder model was challenged with regard to persisting divergences and national differences in corporate law, labor law and industrial relations. This collection explores this debate at an important crossroads, echoing Karl Polanyi's famous observation in 1944 of the disembeddedness of the market from society. Drawing on pertinent insights from scholars, practitioners and regulators in corporate and labor law, securities regulation as well as economic sociology and management theory, the contributions shed important light on the empirical effects on the economy of the shift to shareholder primacy, in light of a comprehensive reconsideration of the global context, policy goals and regulatory forms which characterize market governance today.
Leading international scholars provide a timely reconsideration of how and why entrepreneurship matters for economic development, particularly in emerging and developing economies. The book critically dissects the evolving relationship between entrepreneurs and the state.
This 2003 book offered the first in-depth international survey of contemporary research and debates in business history. Over the two decades leading to its publication, enormous advances had been made in writing the history of business enterprise and business systems. Historians are documenting and analyzing the evolution of a wide range of important companies and systems, their patterns of innovation, production, and distribution, their financial affairs, their political activities, and their social impact. Each essay is written by a prominent authority who provides an assessment of the state and significance of research in his or her area. This volume is a reference work that will be of immense value to historians, economists, management researchers, and others concerned to access the latest insights on the evolution of business throughout the world.
Manufacturing’s central role in global innovation Companies compete on the decisions they make. For years—even decades—in response to intensifying global competition, companies decided to outsource their manufacturing operations in order to reduce costs. But we are now seeing the alarming long-term effect of those choices: in many cases, once manufacturing capabilities go away, so does much of the ability to innovate and compete. Manufacturing, it turns out, really matters in an innovation-driven economy. In Producing Prosperity, Harvard Business School professors Gary Pisano and Willy Shih show the disastrous consequences of years of poor sourcing decisions and underinvestment in manu...