William k tabb biography of william

The tendencies he foresaw have accelerated in our time. New listings lag because there are fewer initial public offerings. Successful startups find it difficult to grow and even survive when faced with already established giants who either buy or destroy them by copying their innovations and incorporate the offerings on established large-volume platforms.

The result of such increased concentration and centralization, financialization, and the crises in our time is evident. They lay off employees, cut wages, and sell divisions of the target company. Profits in U. Their investment strategies are timed to upticks in the value of their holdings, influenced by their announcements and policies that inflate short-term growth at the expense of the long-term health of their company.

Stock options, which allow top executives to buy stock at some point in the future at prices established in the present, provide gain without risk for the executive, along with tax deductions for the firm as a business loss. Often, c ompanies that engaged in greater buybacks proved more vulnerable when the downturn comes. Buybacks drive the stock market higher at the expense of financing dividends, internal growth, long-term investment, and job creation.

Their compensation grew to more than half 53 percent in and greater than three-quarters of total compensation 77 percent in By , the fissure between executive compensation and employee pay had grown dramatically; it was largely driven by the stock market, since about 80 percent of CEO compensation was then in stock options, and corporate buybacks were a major contributor to the increase of stock prices and income inequality.

In , the comparable ratio was 20 to 1.

William k tabb biography of william

After the Republican tax cut of , Rick Wartzman and Lazonick calculated that major corporations were planning to spend more than thirty times what they were allocating to worker pay to buy back their own stock. This would benefit the CEOs and the 10 percent of Americans who owned 84 percent of all household-held stock. Long-time observers were appalled by the extent to which the Fed went even further in than it had in the —09 financial crisis in subsidizing the financial sector.

Interest rates were already in the range of 0 to 0. This credit expansion, quantitatively far larger than any other rescue assistance, assured speculators that they would be rescued again the next time. This exposes the Fed to the likelihood of needing still greater credit creation in the future. Little of this was understood by the U. The unwillingness of the Republicans to assist people in need became clearer against the background of the serious damage wrought by the economic downturn.

At a time when the national unemployment rate was 6. Many who had given up looking for work were not counted as part of the labor force, rather than unemployed; many worked part-time but wanted full-time work. Many others refused to go back to unsafe jobs for low pay. The pandemic economy led to a reconsideration of how a full-employment economy should be defined.

Actually, when employers raise wages and improve working conditions, they find employees. It is not that what has been happening should be hard to understand. However, there was hesitance to forbid the continued expansion of synthetic financial products that endangered the system. Even with significant pressure from the left, Biden is unlikely to take on finance capital at the level that is needed, or even to recognize the dominant position that finance has attained.

The money to be made before any collapse is too great to be prematurely cautious. Yet, such Ponzi financing invites a Hyman Minsky moment of recognition that expected gains are not forthcoming and the game can no longer go on, with the collapse becoming inevitable. But it has. Roger Friedland Contributor. Richard LeGates Contributor. Peter Dreier Contributor.

Michael E. Stone Contributor. Jim Green Contributor. Barry Checkoway Contributor. Christopher Chase-Dunn Contributor. Pat Devine Contributor. Phil Hill Contributor. Harry Magdoff Contributor. William Hinton Contributor. Michael Burawoy Contributor. Samir Amin Contributor. Luciana Castellina Contributor. Joe Stovo Contributor. Paul M. Sweezy Contributor.

Add to Favorites. Yuzo Murayama observed in the Independent Review that "Tabb goes astray in predict- ing the roles of the Japanese economy in Asia, mainly by failing to grasp the multifaceted dynamism of East Asian economic growth," but the critic went on to add that "one learns that although integrating social and cultural factors into the analysis of economic development is desirable, proposing it is one thing and doing it another," giving a clear picture of the difficulties inherent in such a situation.

In Unequal Partners: A Primer on Globalization, Tabb speaks against uneven globalization, insisting that all parts of the world should benefit from the new technologies becoming available, and that community, security, and social solidarity should rank above normal economic life. He also gives an overview of global institutions and provides an explanation as to the purpose of the various institutions.

Patrick J. Brunet, writing for Library Journal, felt the work is "too scattershot and poorly written to sustain interest," but concluded that the author manages to "eventually cover the main issues and raise some valid concerns. Dugger, in a review for the Journal of Economic Issues, remarked more positively that Tabb's effort is "well written and should be widely read.

Students interested in global justice, economic development, and international trade should find it a great help. It is an outstanding primer. Economic Governance in the Age of Globalization discusses the points in favor of globalization, and goes on to describe the various global organizations that provide a form of overall governance when dealing with an international economy.

Library Journal, May 1, , Patrick J. Brunet, review of Unequal Partners, p. Cite this article Pick a style below, and copy the text for your bibliography. January 9, Add an optional check-in date. Check-in dates are used to track yearly reading goals. End Date: Year: Year Month: Month January February March April May June July August September October November December Day: Day 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Today.

Economic governance in the age of globalization. The Future of socialism: perspectives from the left. Borrow Listen. The postwar Japanese system: cultural economy and economic transformation. Financialization and the Future of the American Economy.