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The Speculation Economy: How Finance Triumphed Over Industry |  |
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The Speculation Economy: How Finance Triumphed Over Industry | |
American businesses today are obsessed with the price of their stock, and no wonder. The consequences of even a modest decrease can be so dire that some executives would rather damage their corporation's long-term health than allow quarterly returns to fall below projections. But how did this situation come about? When did the stock market become the driver of the American economy?
Lawrence E. Mitchell identifies the moment in American history when finance triumphed over industry. He shows how the birth of the giant modern corporation spurred the rise of the stock market and how, by the dawn of the 1920s, the stock market left behind its business origins to become the very reason for the creation of business itself.
"Mitchell highlights two of the most pivotal events in our history of modern finance: the rise of Wall Street and investment banking as a key factor in American capitalism and the federal government's response to the ever more complex role of finance capitalism. Mitchell's writing is graceful, comprehensive, and persuasive that as significant as the story of trusts and the trustbusters has been, the rise of finance capitalism and ultimately its federal coordination through such agencies as the Federal Reserve System and the Securities and Exchange Commission may be even more important."
-Joel Seligman, President, University of Rochester and author, the Transformation of Wall Street.
"Lawrence Mitchell's new work is full of fresh insight about the rise of what he calls `American corporate capitalism.' Anyone interested in the development of our modern financial markets will be richly rewarded by a careful reading."
-Harvey J. Goldschmid, Dwight Professor of Law, Columbia University, former Member, United States Securities and Exchange Commission
"Professor Mitchell's provocative thesis is that the development of the modern American public corporation was not an organic process but rather occurred almost overnight at an identifiable point in time and as a result of identifiable political and economic forces. This important new work helps us understand the forces that continue to shape the dominant form of economic actor of our time."
-Stephen M. Bainbridge, William D. Warren Professor of Law, UCLA School of Law
"An impressive work of legal, economic and historical scholarship that will enrich today's debate over corporate accountability and regulatory policy."
-Charlie Cray, director of the Center for Corporate Policy and co-author of The People's Business: Controlling Corporations and Restoring Democracy
