The speculation economy: how finance triumphed over industry
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
San Francisco
Berrett-Koehler Publ.
2007
|
| Ausgabe: | 1. ed. |
| Schriftenreihe: | A BK currents book
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | XIII, 395 S. |
| ISBN: | 1576754006 9781576754009 |
Internformat
MARC
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| 245 | 1 | 0 | |a The speculation economy |b how finance triumphed over industry |c Lawrende E. Mitchell |
| 250 | |a 1. ed. | ||
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| 650 | 4 | |a Wirtschaftspolitik | |
| 650 | 4 | |a Corporations |z United States | |
| 650 | 4 | |a Finance |z United States | |
| 650 | 4 | |a Industries |z United States | |
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Datensatz im Suchindex
| _version_ | 1804137156849958912 |
|---|---|
| adam_text | CONTENTS
PREFACE IX
Prologue
ι
One The Principle of Cooperation
8
Two Sanctuary
30
Three Transcendental Value
57
Four The New Property
90
Five The Complex Whole
113
Six Much Ado About Nothing
136
Seven Panic and Progress
166
Eight The Speculation Economy
192
Nine The End of Reform
209
Ten Manufacturing Securities
245
Epilogue
269
notes
281
select bibliography
344
INDEX
378
ABOUT THE AUTHOR
396
THE SPECULATION ECONOMY
American industry once focused on provid¬
ing the best goods and services. Business
success today is measured almost exclusive¬
ly by the price of a company s stock. Even a
modest decrease can mean adverse public¬
ity, shareholder revolts, lawsuits, pay cuts,
firings, and maybe the invasion of activist
hedge funds or the sale of the company. So
executives focus obsessively on keeping the
share price as high as possible, neglecting
long-term strategic planning and sometimes
engaging in the kind of cook-the-books
corruption seen in the Enron and World¬
Com scandals.
How did this happen? When and why did
the stock market become the driving force
of the American economy?
In this groundbreaking book, Lawrence E.
Mitchell shows that the tipping point was
reached in the first decade of the 20th
century as a result of the birth of the gi¬
ant modern corporation. He tells the story
of the legal, financial, economic, and social
transformations that allowed financiers to
collect companies and combine them to¬
gether into huge new corporations for the
main purpose of manufacturing stock and
dumping it on the market. Businessmen
started to make more money from legal and
financial manipulation than from practical
business improvements such as innovations
in technology, management, distribution,
and marketing.
Selling this stock was the tricky part. In
1899
even the Wall Street Journal advised
its readers that buying stock was simply too
risky, not an investment appropriate for or¬
dinary Americans. Mitchell identifies how
and why, over the course of the next two
decades, attitudes shifted and Americans
changed from cautious bond buyers into
eager stock speculators. At the same time,
he shows how a federal government wedded
to an outdated economic model and strug¬
gling to expand its own power failed to reg¬
ulate finance and thus missed the chance
to control corporations. While politicians
argued, finance came to dominate indus¬
try, and as stock ownership spread widely
throughout society, the stock market came
to dominate finance.
The S-peculation Economy is a thoroughly
researched, elegant, and compellingly writ¬
ten look at the roots of one of the most criti¬
cal flaws in modern American capitalism. It
is a flaw we can fix, but only if we under¬
stand how it came to be.
|
| adam_txt |
CONTENTS
PREFACE IX
Prologue
ι
One The Principle of Cooperation
8
Two Sanctuary
30
Three Transcendental Value
57
Four The New Property
90
Five The Complex Whole
113
Six Much Ado About Nothing
136
Seven Panic and Progress
166
Eight The Speculation Economy
192
Nine The End of Reform
209
Ten Manufacturing Securities
245
Epilogue
269
notes
281
select bibliography
344
INDEX
378
ABOUT THE AUTHOR
396
THE SPECULATION ECONOMY
American industry once focused on provid¬
ing the best goods and services. Business
success today is measured almost exclusive¬
ly by the price of a company's stock. Even a
modest decrease can mean adverse public¬
ity, shareholder revolts, lawsuits, pay cuts,
firings, and maybe the invasion of activist
hedge funds or the sale of the company. So
executives focus obsessively on keeping the
share price as high as possible, neglecting
long-term strategic planning and sometimes
engaging in the kind of cook-the-books
corruption seen in the Enron and World¬
Com scandals.
How did this happen? When and why did
the stock market become the driving force
of the American economy?
In this groundbreaking book, Lawrence E.
Mitchell shows that the tipping point was
reached in the first decade of the 20th
century as a result of the birth of the gi¬
ant modern corporation. He tells the story
of the legal, financial, economic, and social
transformations that allowed financiers to
collect companies and combine them to¬
gether into huge new corporations for the
main purpose of manufacturing stock and
dumping it on the market. Businessmen
started to make more money from legal and
financial manipulation than from practical
business improvements such as innovations
in technology, management, distribution,
and marketing.
Selling this stock was the tricky part. In
1899
even the Wall Street Journal advised
its readers that buying stock was simply too
risky, not an investment appropriate for or¬
dinary Americans. Mitchell identifies how
and why, over the course of the next two
decades, attitudes shifted and Americans
changed from cautious bond buyers into
eager stock speculators. At the same time,
he shows how a federal government wedded
to an outdated economic model and strug¬
gling to expand its own power failed to reg¬
ulate finance and thus missed the chance
to control corporations. While politicians
argued, finance came to dominate indus¬
try, and as stock ownership spread widely
throughout society, the stock market came
to dominate finance.
The S-peculation Economy is a thoroughly
researched, elegant, and compellingly writ¬
ten look at the roots of one of the most criti¬
cal flaws in modern American capitalism. It
is a flaw we can fix, but only if we under¬
stand how it came to be. |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
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| discipline | Geschichte Wirtschaftswissenschaften |
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| index_date | 2024-07-02T18:52:54Z |
| indexdate | 2024-07-09T21:07:49Z |
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| isbn | 1576754006 9781576754009 |
| language | English |
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| spelling | Mitchell, Lawrence E. 1956- Verfasser (DE-588)123823250 aut The speculation economy how finance triumphed over industry Lawrende E. Mitchell 1. ed. San Francisco Berrett-Koehler Publ. 2007 XIII, 395 S. txt rdacontent n rdamedia nc rdacarrier A BK currents book Geschichte gnd rswk-swf Industrie Wirtschaftspolitik Corporations United States Finance United States Industries United States Speculation United States Wirtschaftsordnung (DE-588)4066475-2 gnd rswk-swf Großbetrieb (DE-588)4022149-0 gnd rswk-swf USA United States Economic policy USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Großbetrieb (DE-588)4022149-0 s Wirtschaftsordnung (DE-588)4066475-2 s Geschichte z DE-604 Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016094001&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016094001&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Mitchell, Lawrence E. 1956- The speculation economy how finance triumphed over industry Industrie Wirtschaftspolitik Corporations United States Finance United States Industries United States Speculation United States Wirtschaftsordnung (DE-588)4066475-2 gnd Großbetrieb (DE-588)4022149-0 gnd |
| subject_GND | (DE-588)4066475-2 (DE-588)4022149-0 (DE-588)4078704-7 |
| title | The speculation economy how finance triumphed over industry |
| title_auth | The speculation economy how finance triumphed over industry |
| title_exact_search | The speculation economy how finance triumphed over industry |
| title_exact_search_txtP | The speculation economy how finance triumphed over industry |
| title_full | The speculation economy how finance triumphed over industry Lawrende E. Mitchell |
| title_fullStr | The speculation economy how finance triumphed over industry Lawrende E. Mitchell |
| title_full_unstemmed | The speculation economy how finance triumphed over industry Lawrende E. Mitchell |
| title_short | The speculation economy |
| title_sort | the speculation economy how finance triumphed over industry |
| title_sub | how finance triumphed over industry |
| topic | Industrie Wirtschaftspolitik Corporations United States Finance United States Industries United States Speculation United States Wirtschaftsordnung (DE-588)4066475-2 gnd Großbetrieb (DE-588)4022149-0 gnd |
| topic_facet | Industrie Wirtschaftspolitik Corporations United States Finance United States Industries United States Speculation United States Wirtschaftsordnung Großbetrieb USA United States Economic policy |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016094001&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016094001&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
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