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Capital Markets and Job Creation in the 21st Century
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Capital Markets and Job Creation in the 21st Century

Jerry Davis
Brookings Institution, 2015
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Editorial Rating

8

Qualities

  • Innovative
  • Eye Opening
  • Overview

Recommendation

Professor Jerry Davis adeptly analyzes how capital markets, corporations and employment are intertwined substructures in the US economy and how their interrelationships have changed over time. Post–World War II corporations made capital investment a servant of company growth and stability, producing high-wage occupations. In the 1980s, shareholder value began ruling corporate decision making: Long-term employment eroded as firms moved to outsourcing and then to “labor on demand.” Thus, jobs and corporate missions are at odds today. getAbstract recommends this illuminating exposition to policy makers, business leaders and everyone who has or wants a job.

Take-Aways

  • In the decades after World War II, the corporate business model brought about the American economic success story: Public companies created large-scale, high-wage career employment.
  • But during the 1980s, shareholder value rose to prominence in corporate decision making, and companies’ missions, aligned with the capital markets, saw workers as an expensive drag on profits.
  • In the 21st century, communications technology allows organizations to contract for task work as “labor on demand.” Uber exemplifies this model.

About the Author

Jerry Davis is a professor of management and sociology at the University of Michigan.

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