The American Corporation Today

By Carl Kaysen | Go to book overview

lose one's job and one's company-provided fringe benefits is much less serious in Europe than it is in the United States.

Democracy is like capitalism. In the long run, it is appreciated only if it delivers. If capitalism does not deliver rising real wages for a majority in a period when the total economic pie is expanding, it will not for long hold the political allegiance of a majority of the population. If the democratic political process cannot remedy whatever is causing that reality to occur within capitalism, democracy will also eventually be discredited.

In democratic societies, governments exist to ensure that a majority of their citizens are included in the benefits generated by their economies. Inclusion is a central goal. When inclusion is absent for any length of time, democracy and government are in trouble. A large group of voters with freefloating hostility, not benefiting from the economic system, is not a recipe for a good, or a stable, society.


Notes
1.
Lynn A. Karoly, The Trend in Inequality Among Families, Individuals, and Workers in the United States ( Los Angeles: Rand Corporation), 1992, pp. 44, 66.
2.
Council of Economic Advisers, Economic Report of the President 1994 ( Washington D.C.: Government Printing Office, 1994), p. 320.
4.
U.S. Department of Commerce, Bureau of the Census, Current Population Reports, Consumer Income, 1992 ( Washington, D.C.: Government Printing Office, 1992), series P-60, p. VI; Sheldon Danziger and Peter Gottschalk, eds., Uneven Tides ( New York: Russell Sage Foundation, 1993), p. 7.
5.
U.S. Department of Commerce, Bureau of the Census, Current Population Reports, Consumer Income, 1993 ( Washington, D.C.: Government Printing Office, 1993), series P-60, p. 21.
6.
Danziger and Gottschalk, Uneven Tides, pp. 69, 85, 102, 129; Steven J Davis , "Cross-Country Patterns of Changes in Relative Wages", Brookings Papers on Economic Activity 2 ( Washington, D.C.: Brookings Institution, 1993), p. 273; Lynn A. Karoly, "Changes in the Distribution of Individual Earnings in the United States 1967-1986", Review of Economics and Statistics ( February 1992): 107, 113; Frank Levy and Richard J. Murnane, "U.S. Earnings Levels and Earnings Inequality", Journal of Economic Literature ( September 1992): 1333.
7.
Barry Bluestone, "Economic Inequality and the Macro-Structuralist Debate" (paper presented at the Eastern Economics Association Meeting, Boston, February 1994), p. 8.
8.
Lawrence Mishel and Jared Bernstein, The State of Working America 1992-1993 ( Armonk, N.Y.: M. E. Sharpe, 1993), p. 14.

-409-

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The American Corporation Today
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Foreword vii
  • Contributors ix
  • 1 - Introduction and Overview 3
  • Appendix 20
  • 2 - The Rise and Transformation of the American Corporation 28
  • Notes 67
  • 3 - How American is the American Corporation? 74
  • Notes 97
  • 4 from Antitrust to Corporation Governance? the Corporation and the Law: 1959-1994 102
  • Notes 122
  • 5 - Financing the American Corporation: the Changing Menu of Financial Relationships 128
  • References 178
  • 6 - The U.S. Corporation and Technical Progress 187
  • References 231
  • 7 - The American Corporation as an Employer: Past, Present, and Future Possibilities 242
  • References 267
  • 8 - The Corporation Faces Issues of Race and Gender 269
  • Notes 290
  • 9 - Corporate Education and Training 292
  • References 319
  • 10 - The Modern Corporation as an Efficiency Instrument: the Comparative Contracting Perspective 327
  • Notes 354
  • Notes 356
  • 11 - The Corporation as a Dispenser of Welfare and Security 360
  • Notes 379
  • References 380
  • 12 - Almost Everywhere: Surging Inequality and Falling Real Wages 383
  • Notes 409
  • 13 - The Corporation as a Political Actor 413
  • Notes 433
  • 14 - Architecture and the Business Corporation 436
  • Notes 470
  • Index 487
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