2017 David Gordon Memorial Lecture

Paper Session

Friday, Jan. 6, 2017 12:30 PM – 2:15 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

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
  • L2 - Firm Objectives, Organization, and Behavior