Managed by the Markets: How Finance Re-Shaped America

Paperback | September 15, 2011

byGerald F. Davis

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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 andSouthern 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 intothis 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 istied 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.

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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 andSouthern California, and ultimately the glob...

Jerry Davis is the Wilbur K. Pierpont Collegiate Professor of Management at the University of Michigan's Ross School of Business. Davis received his PhD from Stanford University and has previously taught at Northwestern University and Columbia University. He has published widely in management, sociology, and finance. Recent books inclu...

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Format:PaperbackDimensions:336 pages, 9.21 × 6.14 × 0.78 inPublished:September 15, 2011Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199691924

ISBN - 13:9780199691920

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Table of Contents

Preface1. The New Financial Capitalism2. Financial Markets and Corporate Governance3. From Institution to Nexus: How the Corporation Got, then Lost, its Soul4. From Banks to Markets: How Securitization Ended the "Wonderful Life"5. From Sovereign to Vendor-State: How Delaware and Liberia Became the McDonalds and Nike of Corporate Law6. From Employee and Citizen to Investor: How Talent, Friends, and Homes Became "capital"7. Conclusion: A Society of Investors?

Editorial Reviews

`Managed by the Markets gave me more food for thought than any of the other books mentioned in this review. In the past 20 years, finance did indeed triumph over other modes of enterprise in the U.S. and elsewhere. This was, as Davis says, a momentous shift. To the victor went the spoils, withfar-reaching social and economic consequences. In contemplating the wreckage of the crisis, one should follow Davis's example, and ask whether this was inevitable or desirable, and what, if anything, we might learn from it.'Clive Crook, Strategy + Business, Best Books 2009