Professor William Lazonick, emeritus Professor of Economics and founding director of the Academic Industry Research Network, is one of the world’s foremost experts on Shareholder Value Ideology and its impact on society. In our first conversation, we uncovered the fundamentals of shareholder value ideology and the harmful effects of stock buybacks on the working class and economic inequality. This discussion goes deeper into how financial institutions capitalized on the deregulation of the financial industry in the 1980s, leading to a wave of corporate greed and wealth concentration. Topics include the rise of hedge funds, the devastation caused by corporate raiders, how private equity contributes to the decline in quality of goods and services (termed "encrapification"), and policy strategies to rebuild an economy that prioritizes American workers over Wall Street profits.
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(00:00) Go!
(00:09:45) Carl Icahn's Influence and Tactics
(00:15:02) Regulatory Changes and Hedge Fund Empowerment
(00:21:18) Institutional Shareholder Services and Proxy Voting
(00:27:24) Proxy Advisory Services Market
(00:31:19) Hedge Funds and Power Dynamics in Corporations
(00:34:03) General Electric Case Study
(00:45:28) Hedge Fund Activism and Industry Impact
(01:03:20) Impact of Private Equity and Financial Practices
(01:09:07) Asset Distribution Disparities
(01:15:29) Shareholder Value and Economy Dynamics
(01:22:26) Employee Investment and Stock Market
(01:30:48) Tesla and Corporate Governance
(01:36:56) Apple's Board and Stock Buybacks
(01:42:08) Biopharmaceutical Sector Dynamics
(02:00:59) US Competitiveness and Stock Buybacks
(02:06:09) Soft Landing Approach to Financial Reforms
(02:17:26) Economic Literacy and Public Perception
(02:22:11) Globalization and Economic Mobility
#Economics, #ShareholderValue, #FinancialCrisis, #StockBuybacks, #HedgeFunds, #Finance, #CorporateGovernance, #WallStreet, #FinancialMarkets, #EconomicGrowth, #PrivateEquity, #Innovation, #BusinessStrategy, #philosophypodcast, #sciencepodcast, #longformpodcast
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PODCAST INFO: Anastasia completed her PhD studying bioelectricity at Columbia University. When not talking to brilliant people or making movies, she spends her time painting, reading, and guiding backcountry excursions. Shilo also did his PhD at Columbia studying the elastic properties of molecular water. When he's not in the film studio, he's exploring sound in music. They are both freelance professors at various universities.
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