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  • Finance capital, jobs and restructuring corporate ownership in the United States

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    67021_1.pdf (147.7Kb)
    Author(s)
    Peetz, David
    Murray, Georgina
    Griffith University Author(s)
    Murray, Georgina
    Peetz, David R.
    Year published
    2011
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    Abstract
    Finance capital, jobs and restructuring corporate ownership in the United States David Peetz & Georgina Murray Griffith University We analyse data on ownership, global employment growth, assets and sale/revenue amongst the 221 largest US industrial corporations (by market capitalisation) to consider their patterns of ownership and how the restructuring of that ownership during the financial crisis may have affected the stability, concentration and composition of finance capital and changes in employment at the firm level. We found that instability associated with the global financial crisis created new patterns of ...
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    Finance capital, jobs and restructuring corporate ownership in the United States David Peetz & Georgina Murray Griffith University We analyse data on ownership, global employment growth, assets and sale/revenue amongst the 221 largest US industrial corporations (by market capitalisation) to consider their patterns of ownership and how the restructuring of that ownership during the financial crisis may have affected the stability, concentration and composition of finance capital and changes in employment at the firm level. We found that instability associated with the global financial crisis created new patterns of dominance in finance capital, as banks lost their leading position, though less dramatically than some may have expected. We found strong evidence of high and increasing concentration of the ownership and control of leading industrial corporations by leading finance capital firms. Those in the most powerful positions in finance capital during periods of crisis were able to maintain their relative power, despite volatility elsewhere. And we found that employment growth was negatively linked to ownership instability and to ownership by banks in particular.
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    Conference Title
    Proceedings 25th Conference AIRAANZ Dialogue Downunder
    Publisher URI
    http://airaanz.eventsmart.co.nz/conference-papers/
    Copyright Statement
    © 2011 AIRAANZ. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the conference's website for access to the definitive, published version.
    Subject
    Heterodox Economics
    Publication URI
    http://hdl.handle.net/10072/39312
    Collection
    • Conference outputs

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