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Managed by the Markets: How Finance Re-Shaped America

Author

Listed:
  • Davis, Gerald F.

    (Wilbur K. Pierpont Collegiate Professor of Management, Ross School of Business, The University of Michigan)

Abstract

The current economic crisis reveals just how central finance has become to American life. Problems with obscure securities created on Wall Street radiated outward to threaten the retirement security of pensioners in Florida and Arizona, the homes and college savings of families in Detroit and Southern California, and ultimately the global economy itself. The American government took on vast new debt to bail out the financial system, while the government-owned investment funds of Kuwait, Abu Dhabi, Malaysia, and China bought up much of what was left of Wall Street. How did we get into this mess, and what does it all mean? Managed by the Markets explains how finance replaced manufacturing at the center of the American economy and how its influence has seeped into daily life. From corporations operated to create shareholder value, to banks that became portals to financial markets, to governments seeking to regulate or profit from footloose capital, to households with savings, pensions, and mortgages that rise and fall with the market, life in post-industrial America is tied to finance to an unprecedented degree. Managed by the Markets provides a guide to how we got here and unpacks the consequences of linking the well-being of society too closely to financial markets.

Suggested Citation

  • Davis, Gerald F., 2011. "Managed by the Markets: How Finance Re-Shaped America," OUP Catalogue, Oxford University Press, number 9780199691920.
  • Handle: RePEc:oxp:obooks:9780199691920
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    Cited by:

    1. Anat R. Admati, 2017. "A Skeptical View of Financialized Corporate Governance," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 131-150, Summer.
    2. Oddný Helgadóttir, 2016. "Banking upside down: the implicit politics of shadow banking expertise," Review of International Political Economy, Taylor & Francis Journals, vol. 23(6), pages 915-940, November.
    3. Anton Steffen & Andreas V. Ledwon, 2023. "Textual Analysis to Empirically Assess the Impact of Economic Crises on Stakeholder Orientation," International Journal of Management Science and Business Administration, Inovatus Services Ltd., vol. 9(3), pages 16-26, March.

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