2017 David Gordon Memorial Lecture

Paper Session

Friday, Jan. 6, 2017 5:30 PM – 7:15 PM

Swissotel Chicago, Montreux 3

Hosted By: Union for Radical Political Economics

Chair: Matias Vernengo, Bucknell University

Organizational Restructuring and Value Extraction under Financial Capitalism

Eileen Appelbaum

Center for Economic and Policy Research

View Abstract

Abstract

An increasing share of the economy is organized around financial capitalism, where, in contrast to the past, capital market actors actively assert and manage their claims on wealth creation and distribution. These new actors challenge prior assumptions of managerial capitalism about the goals and governance of firms. The focus on shareholder value is credited with increasing firm efficiency and shareholder returns. This lecture analyzes the changes in organizational behavior and value extraction under financial capitalism.

Discussant(s)

John Schmitt

Washington Center for Equitable Growth

JEL Classifications