The speculation economy : how finance triumphed over industry
著者
書誌事項
The speculation economy : how finance triumphed over industry
（A BK currents book）
Berrett-Koehler Publishers, c2007
- : hbk
- : pbk.
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注記
Includes bibliographical references (p. 344-377) and index
内容説明・目次
- 巻冊次
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: hbk ISBN 9781576754009
内容説明
American companies once focused exclusively on providing the best products and services. But today, most corporations are obsessed with maximizing their stock prices, resulting in short-term thinking and the kind of cook-the-books corruption seen in the Enron and WorldCom scandals. How did this happen?In this groundbreaking book, Lawrence E. Mitchell traces the origins of the problem to the first decade of the 20th century, when industrialists and bankers began merging existing companies into huge "combines" - today's giant corporations - so they could profit by manufacturing and selling stock in these new entities. He describes and analyzes the legal changes that made this possible, the federal regulatory efforts that missed the significance of this transforming development, and the changes in American society and culture that led more and more Americans to enter the market, turning from relatively safe bonds to riskier common stock in the hopes of becoming rich.Financiers and the corporations they controlled encouraged this trend, but as stock ownership expanded and businesses were increasingly forced to cater to stockholders' "get rich quick" expectations, a subtle but revolutionary shift in the nature of the American economy occurred: finance no longer served industry; instead, industry began to serve finance.
"The Speculation Economy" analyzes the history behind the opening of this economic Pandora's box, the root cause of so many modern acts of corporate malfeasance.
- 巻冊次
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: pbk. ISBN 9781576756287
内容説明
American businesses today are obsessed with the price of their stock, and no wonder. The consequences of even a modest decrease can be so dire that some executives would rather damage their corporation's long-term health than allow quarterly returns to fall below projections. But how did this situation come about? When did the stock market become the driver of the American economy? Lawrence E. Mitchell identifies the moment in American history when finance triumphed over industry. He shows how the birth of the giant modern corporation spurred the rise of the stock market and how, by the dawn of the 1920s, the stock market left behind its business origins to become the very reason for the creation of business itself.
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