Managed by the Markets How Finance Re-Shaped America

Author: Gerald F. Davis
Publisher: Oxford University Press
ISBN: 9780199691920
Published In: August 2011
Format: Paperback , 336 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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- Winner of the 2010 George R. Terry Book Award and named a Strategy and Business Best Business Book of 2009
- Explains the shift from a manufacturing to service economy, and the role financial markets play
- Accessibly written and grounded in extensive research
- Topical discussion of credit crunch and financial volatility
- Explains impact of shareholder value on business, economics, and finance
New to this edition
- This new paperback edition includes a retrospective on the financial crisis and its aftermath
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.

Readership: Academics, researchers, and students across the social sciences interested in current changes in US society, business organizations, and financial markets; General readers interested in understanding today's turbulent markets and their impact on society.
Preface
1: The New Financial Capitalism
2: Financial Markets and Corporate Governance
3: From Institution to Nexus: How the Corporation Got, then Lost, its Soul
4: 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 Law
6: From Employee and Citizen to Investor: How Talent, Friends, and Homes Became "capital"
7: Conclusion: A Society of Investors?
Gerald F. Davis, Wilbur K. Pierpont Collegiate Professor of Management, Ross School of Business, The University of Michigan

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 includeSocial Movements and Organization Theory (with Doug McAdam, W. Richard Scott, and Mayer N. Zald; Cambridge University Press, 2005) and Organizations and Organizing: Rational, Natural, and Open System Perspectives (with W. Richard Scott; Pearson Prentice Hall, 2007). He is currently Associate Editor of Administrative Science Quarterlyand Co-Director of the Interdisciplinary Committee on Organization Studies (ICOS) at the University of Michigan.
"a valuable, timely and gripping analysis by Gerald F. Davis... Davis's book should be required reading for anyone, whether academic, practitioner, or policy maker, who needs to think critically about finance which, rather than a mechanistic set of transactions, is presented in the book as a social phenomenon that is invading our lives." - Nihel Chabrak, Berkeley Electronic Press