Corporate Makeover: The Reshaping of the American Economy

Corporate Makeover: The Reshaping of the American Economy

by Harvey H. Segal

Editorial Reviews

Publishers Weekly - Publisher's Weekly
Like an Arctic trader's tinned kippers that are ``not for eatin' but for buyin' and sellin,' '' American corporations have become pawns in a hot takeover-buyout-selloff game. This game, enriching investment bankers and autonomous management teams to the detriment of production, operations, inventiveness and progress, is only the beginning, according to economist Segal, of a vast ``makeover'' of the U.S. economy. In his penetrating study, Segal examines the nature of the corporation, its vulnerability to junkbond-financed assault and the significance of indirect corporate power being amassed by institutional investors (controlling pension plans, insurance reserves, mutual funds) who now own half of all corporate shares. Eventually, argues the author, major firms will be ``tightly run'' by a few top owner-managers, rather than by hired hands operating at will. Other trenchant bits: well-paid ``outside'' directors do little to protect shareholder interests; Japan and the U.S. complement each other economically (so why squabble?); the current nearly exclusive corporate hiring of Ivy League MBAs stunts creative management thinking. (Sept.)
Library Journal - Library Journal
As mergers, leveraged buyouts, and hostile takeovers have become an increasingly prominent feature of Wall Street behavior, numerous social critics have lamented this unfortunate state of affairs and particularly castigate corporate raiders, investment bankers, and Wall Street speculators who apparently have fueled such developments solely for the purpose of individual profit. Segal, a trained economist and former vice president of Citibank, takes a contrary view; he says that, for the most part, these developments have been healthy for the U.S. economy and have resulted in corporations which are more efficient and better able to deal with international competition. This book is sure to generate controversy.-- Gene R. Laczniak, Marquette Univ., Milwaukee

Product Details

Penguin Group (USA) Incorporated
Publication date:
Product dimensions:
20.00(w) x 20.00(h) x 20.00(d)

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