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MANAGED BY THE MARKETS HOW FINANCE RE-SHAPED AMERICA
DAVIS G.F. wydawnictwo: OXFORD UNIVERSITY, 2009, wydanie I cena netto: 106.00 Twoja cena 100,70 zł + 5% vat - dodaj do koszyka In recent years, we've been rocked by a series of economic jolts, and all of them
seemed to revolve around finance. And the most recent, the American mortgage meltdown, has
sent shock waves around the world. Managed by the Markets offers an illuminating account
of how finance has replaced manufacturing at the center of the American economy over the
past three decades, explaining how the new finance-centered system works, how we got here,
and what challenges lay ahead.
Since the early 1980s, Gerald Davis shows, finance and financial considerations have
increasingly taken center stage, dramatically reshaping American society. Corporations now
have an overriding focus on creating shareholder value, while their personnel practices no
longer provide secure employment, economic mobility, health insurance, or retirement
benefits. Instead, employees must become shareholding free-agents, left to their own fate.
Banking has shifted from the traditional role of taking in deposits and making loans to
the widespread use of "securitization," turning loans (such as mortgages or
corporate debt) into bonds owned by institutional investors. The financial services
industry is both more concentrated among large banks and mutual funds, yet more spread out
among under-regulated specialists such as mortgage finance companies and hedge funds. And
states increasingly act as "vendors" in a global marketplace of law, emulating
firms such as Nike, hiring contractors to do much of the work of government.
As a result, individuals and households find their welfare tied to the stock market and
the mortgage market as never before. And the turbulence of recent years starkly
underscores thedangers of depending too much on financial markets. Written in the spirit
of C. Wright Mills' penetrating The Power Elite and White Collar, this brilliant study
provides an invaluable map of the finance-driven American society.
320 pages, Hardcover
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