It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Ov er the last 30 years, corporations have turned on the 99 percent. Here's how it happened and how to fight back.
Corporations are not working for the 99 percent. But this wasn’t always the case. In a special five-part series, William Lazonick, professor at UMass, president of the Academic-Industry Research Network, and a leading expert on the business corporation, along with journalist Ken Jacobson and AlterNet’s Lynn Parramore, will examine the foundations, history and purpose of the corporation to answer this vital question: How can the public take control of the business corporation and make it work for the real economy?
In 2010, the top 500 U.S. corporations – the Fortune 500 – generated $10.7 trillion in sales, reaped a whopping $702 billion in profits, and employed 24.9 million people around the globe. Historically, when these corporations have invested in the productive capabilities of their American employees, we’ve had lots of well-paid and stable jobs.
That was the case a half century ago.
Unfortunately, it’s not the case today. For the past three decades, top executives have been rewarding themselves with mega-million dollar compensation packages while American workers have suffered an unrelenting disappearance of middle-class jobs. Since the 1990s, this hollowing out of the middle-class has even affected people with lots of education and work experience. As the Occupy Wall Street movement has recognized, concentration of income and wealth of the top “1 percent” leaves the rest of us high and dry.
What a difference three decades makes! Now mass layoffs to boost profits are the norm, while the expectation of a career with one company is long gone. This transformation happened because the U.S. business corporation has become in a (rather ugly) word “financialized.” It means that executives began to base all their decisions on increasing corporate earnings for the sake of jacking up corporate stock prices. Other concerns -- economic, social and political -- took a backseat. From the 1980s, the talk in boardrooms and business schools changed. Instead of running corporations to create wealth for all, leaders should think only of “maximizing shareholder value.”
Originally posted by Wildmanimal
reply to post by soficrow
Someone just passed forward "The Confessions of an Economic Hitman" for me to read.
Your topic is right in alignment with the subject matter contained in the book. Maybe you have read it?
If you haven't, you might find it interesting. Along those economic lines, you might find the book
"Endgame" rather enlightening (or darkening) as the charts and forecasts are all there.
The ship can be be set on a new course of true reckoning, but there are still rough waters ahead.
S&F to your thread.
Oh and by the way, now that a corporation is considered a person, IT CAN BE TRIED FOR TREASON.
I wonder if anyone has thought of that yet?
Best Regardsedit on 2-4-2012 by Wildmanimal because: Add Content