NOTES

CHAPTER 1 CORPORATIONS IN AMERICA AND AROUND THE WORLD

1. For summary statistics on the significance of public corporations to the American economy, see Gerald F. Davis (2013), “After the corporation,” Politics & Society 41(2): 283–308.

2. Gerald F. Davis (2008), “A new finance capitalism? Mutual funds and ownership re-concentration in the United States,” European Management Review 5: 11–21.

3. “Mitt Romney Says ‘Corporations Are People,’” Philip Rucker, Washington Post, August 11, 2011, http://www.washingtonpost.com/politics/mitt-romney-says-corporations-are-people/2011/08/11/gIQABwZ38I_story.html.

4. The text of the Supreme Court decision is available at https://www.law.cornell.edu/supremecourt/text/17/518.

5. See more about Royal Caribbean’s annual report and the tax benefits of Liberian incorporation at http://www.sec.gov/Archives/edgar/data/884887/000088488715000025/rcl-20141231x10k.htm.

6. An excellent introduction to LLCs and other alternatives to incorporation is Larry E. Ribstein (2009), The Rise of the Uncorporation (Oxford: Oxford University Press).

7. “McDonald’s to Raise Pay at Outlets It Operates,” Stephanie Strom, New York Times, April 1, 2015, http://www.nytimes.com/2015/04/02/business/mcdonalds-raising-pay-for-employees.html?_r=0.

8. See Forbes profile in “America’s Largest Private Companies 2014” at http://www.forbes.com/companies/koch-industries/.

9. “Dell’s Life after Wall Street,” Quentin Hardy, New York Times, November 2, 2014, http://www.nytimes.com/2014/11/03/business/dells-life-after-wall-street.html.

10. See the General Motors website for full descriptions of the board at http://www.gm.com/company/aboutGM/board_of_directors0.html.

11. See Toyota’s most recent annual report at http://www.toyota-global.com/investors/ir_library/annual/pdf/2014/p34_43.pdf.

12. Laws governing Daimler’s board are described at http://www.daimler.com/dai/supervisoryboard.

13. Geely’s board is listed at http://www.geelyauto.com.hk/en/management.html.

14. Klaus Weber, Gerald F. Davis, and Michael Lounsbury (2009), “Policy as myth and ceremony? The global spread of stock exchanges, 1980–2005,” Academy of Management Journal 52: 1319–47.

15. Figures on stock markets available from the World Bank’s World Development Indicators at http://databank.worldbank.org/data/reports.aspx?source=world-development-indicators.

16. Peter Hall and David Soskice (2001), Varieties of Capitalism: The Institutional Foundations of Comparative Advantage (Oxford: Oxford University Press); and Bruno Amable (2003), The Diversity of Modern Capitalism (Oxford: Oxford University Press).

17. Gerald F. Davis (2009), Managed by the Markets: How Finance Reshaped America (Oxford: Oxford University Press).

18. US Steel’s 1910 assets estimated at $1.37 billion by Moody’s Industrial Manual. See US federal government total revenues at $874.8 million at http://www.usgovernmentrevenue.com/year_revenue_1910USbn_16bs1n.

19. Adolph A. Berle and Gardiner C. Means (1932), The Modern Corporation and Private Property (Modern Reprint: 1991 edition; New Brunswick, NJ: Transaction).

20. “GM’s ‘Engine Charlie’ Wilson Learned to Live with a Misquote,” Justin Hyde, Detroit Free Press, September 14, 2008, http://archive.freep.com/article/20080914/BUSINESS01/809140308/GM-s-Engine-Charlie-Wilson-learned-live-misquote.

21. Employment data by industry accessed from the Bureau of Labor Statistics at http://www.bls.gov/data/#employment.

22. Figures on listed companies from the World Bank’s World Development Indicators at http://databank.worldbank.org/data/reports.aspx?source=world-development-indicators.

23. Employment figures from annual 10-K statements accessed at the US Securities and Exchange Commission’s EDGAR at http://www.sec.gov/edgar/searchedgar/companysearch.html. For Netflix: http://www.sec.gov/Archives/edgar/data/1065280/000106528015000006/nflx201410k.htm. For Blockbuster: http://www.sec.gov/Archives/edgar/data/1085734/000119312505063510/d10k.htm.

CHAPTER 2 HOW THE CORPORATION CONQUERED AMERICA

1. For a history of the corporate explosion around the turn of the 20th century, see William G. Roy (1997), Socializing Capital: The Rise of the Large Industrial Corporation in America (Princeton: Princeton University Press).

2. “Dow Jones Industrial Average Historical Components,” accessed from S&P Dow Jones Indices at http://www.djindexes.com/mdsidx/downloads/brochure_info/Dow_Jones_Industrial_Average_Historical_Components.pdf.

3. Ibid.

4. Alfred D. Chandler (1977), The Visible Hand: The Managerial Revolution in American Business (Cambridge, MA: Belknap Press).

5. Mark J. Roe (1994), Strong Managers, Weak Owners: The Political Roots of American Corporate Finance (Princeton: Princeton University Press).

6. “The Rouge: Yesterday, Today, and Tomorrow,’” Lindsay-Jean Hard, Urban and Regional Planning Economic Development Handbook, The University of Michigan Taubman, College of Architecture and Urban Planning, December 4, 2005, http://www.umich.edu/~econdev/riverrouge/.

7. Ford’s 2015 proxy statement explains the voting rights of its Class B shares, controlled by a Ford family trust: http://www.sec.gov/Archives/edgar/data/37996/000104746915002836/a2223357zdef14a.htm#QA5.

8. See Roy, Socializing Capital, for the financial aspects of the merger wave at the turn of the 20th century.

9. Gerald F. Davis (2015), “Corporate Power in the 21st Century,” in ed. Subramanian Rangan, Performance and Progress: Essays on Capitalism, Business and Society (Oxford: Oxford University Press).

10. Berle and Means, Modern Corporation, 46, 356 (see chap. 1, n. 19).

11. Virginia Woolf (1924), Mr. Bennett and Mrs. Brown (London: Hogarth Press), 4.

12. David Harvey (1990), The Condition of Postmodernity: An Enquiry into the Origins of Cultural Change (Cambridge: Blackwell).

13. Peter Drucker (September 1949), “The new society I: Revolution by mass production,” Harper’s Magazine, 21–30.

CHAPTER 3 TAMING THE CORPORATION

1. John Steinbeck (1939), The Grapes of Wrath, (New York: Penguin), 38–39.

2. “President Jackson’s Veto Message Regarding the Bank of the United States; July 10, 1832,” accessed at Yale Law School’s Avalon Project, http://avalon.law.yale.edu/19th_century/ajveto01.asp.

3. Gerald F. Davis and Mark S. Mizruchi (1999), “The money center cannot hold: Commercial banks in the U.S. system of corporate governance,” Administrative Science Quarterly 44: 215–39. For a history of fragmentation in American banking, see Mark J. Roe, Strong Managers, Weak Owners.

4. Louis D. Brandeis (1914), Other People’s Money: And How the Bankers Use It (New York: Frederick A. Stokes Company).

5. J. Bradford DeLong (1991), “Did JP Morgan’s Men Add Value? An Economist’s Perspective on Financial Capitalism,” in ed. P. Temin, Inside the Business Enterprise: Historical Perspectives on the Use of Information (Chicago: University of Chicago), 205–36.

6. For an excellent history of the spread of share ownership in the United States before 1930, see Julia C. Ott (2011), When Wall Street Met Main Street: The Quest for an Investors’ Democracy (Cambridge MA: Harvard University Press).

7. For a history of merger movements in the US and their effect on corporate form, see Neil Fligstein (1990), The Transformation of Corporate Control (Cambridge MA: Harvard University Press).

8. The text of Roosevelt’s New Nationalism speech is widely available online, including at the White House website: https://www.whitehouse.gov/blog/2011/12/06/archives-president-teddy-roosevelts-new-nationalism-speech.

CHAPTER 4 THE POSTWAR ERA OF CORPORATE DOMINANCE

1. See Chapter 1, Figure 1.1 for GM’s employment figures.

2. James N. Baron, Frank R. Dobbin, and P. Devereaux Jennings (1986), “War and peace: The evolution of modern personnel administration in U.S. Industry,” American Journal of Sociology 92: 350–83.

3. On the Treaty of Detroit, see Frank Levy and Peter Temin (2007), Inequality and Institutions in 20th Century America (Massachusetts Institute of Technology Department of Economics); and J. Adam Cobb (2012), From the ‘Treaty of Detroit’ to the 401(k): The Development and Evolution of Privatized Retirement in the United States (unpublished dissertation, University of Michigan).

4. Gerald F. Davis and J. Adam Cobb (2010), “Corporations and economic inequality around the world: The paradox of hierarchy,” Research in Organizational Behavior 30: 35–53.

5. Ibid., for more on ITT and the organizational forces shaping income inequality.

6. “Systemic Task Force Report to the Chair of the Equal Employment Opportunity Commission,” March 2006, Appendix C, http://www.eeoc.gov/eeoc/task_reports/systemic.cfm.

7. Nixon’s “Statement on Signing the Tax Reform Act of 1969” is available from The American Presidency Project at the University of California, Santa Barbara, http://www.presidency.ucsb.edu/ws/?pid=2388.

8. Dean LeBaron and Lawrence S. Speidell (1987), “Why Are the Parts Worth More Than the Sum? ‘Chop Shop,’ a Corporate Valuation Model,” in eds. L. E. Brown and E. S. Rosengren, The Merger Boom (Boston: Federal Reserve Bank of Boston).

CHAPTER 5 SHAREHOLDERS GET THE UPPER HAND

1. Gerald F. Davis, Kristina A. Diekmann, and Catherin H. Tinsley (1994), “The decline and fall of the conglomerate firm in the 1980s: The deinstitutionalization of an organizational form,” American Sociological Review 59: 547–70.

2. Harold Geneen (1997), The Synergy Myth: And Other Ailments of Business Today (New York: St. Martin’s).

3. LeBaron and Speidell, “Why Are the Parts Worth More Than the Sum?” 87 (see chap. 4, n. 8).

4. Henry G. Manne (1965), “Mergers and the market for corporate control,” Journal of Political Economy 73: 110–20.

5. For a brief history of how considerations of market power versus efficiency shaped antitrust, see “The Merger Guidelines and the Integration of Efficiencies into Antitrust Review of Horizontal Mergers,” by William J. Kolasky and Andrew R. Dick, http://www.justice.gov/atr/hmerger/11254.htm.

6. Gerald F. Davis and Suzanne K. Stout (1992), “Organization theory and the market for corporate control: A dynamic analysis of the characteristics of large takeover targets, 1980–1990,” Administrative Science Quarterly 37: 605–33.

7. Ibid.

8. Bernard S. Black (1992), “The value of institutional investor monitoring: The empirical evidence,” UCLA Law Review 39: 895–939.

9. Davis, Diekmann, and Tinsley, “The decline and fall of the conglomerate firm in the 1980s,” 547–70.

10. Drucker, “The new society I,” 21–30 (see chap. 2, n. 13).

11. Carl Kaysen (1957), “The social significance of the modern corporation,” American Economic Review (Papers and Proceedings) 47(2): 311–19.

12. Gerald F. Davis and Tracy A. Thompson (1994), “A social movement perspective on corporate control,” Administrative Science Quarterly 39: 141–73.

13. Michael C. Jensen and Kevin J. Murphy (May–June 1990), “CEO incentives—it’s not how much you pay, but how,” Harvard Business Review 68 (3): 138–153.

14. Employee Benefit Research Institute, “FAQs about benefits”: http://www.ebri.org/publications/benfaq/index.cfm?fa=retfaq14.

15. Davis, “A new finance capitalism?” 11–21 (see chap. 1, n. 2).

16. Gerald F. Davis and Natalie Cotton (2007), “Political Consequences of Financial Market Expansion: Does Buying a Mutual Fund Turn You Republican?” presented at the American Sociological Association Annual Meetings, New York; and Natalie C. Cotton Nessler, and Gerald F. Davis (2012), “Stock ownership, political beliefs, and party identification from the ‘Ownership Society’ to the financial meltdown,” Accounting, Economics, and Law 2(2).

17. Investment Company Institute, 2015 Investment Company Fact Book: A Review of Trends and Activities in the US Investment Company Industry, http://www.icifactbook.org/.

18. Figures from Davis, “After the corporation.” Data compiled from Bureau Van Dijk’s Orbis dataset, http://www.bvdinfo.com/en-gb/our-products/company-information/international-products/orbis.

19. For a discussion of the Clinton Administration’s love affair with the financial markets, see Davis Managed by the Markets, (chap. 1, n. 17).

20. Davis and Thompson, “A social movement perspective on corporate control.”

21. “An investor calls,” The Economist, February 7, 2015, http://www.economist.com/news/briefing/21642175-sometimes-ill-mannered-speculative-and-wrong-activists-are-rampant-they-will-change-american.

CHAPTER 6 NIKEFICATION AND THE RISE OF THE VIRTUAL CORPORATION

1. John Byrne, “The virtual corporation,” BusinessWeek, February 7, 1993, http://www.bloomberg.com/bw/stories/1993-02-07/the-virtual-corporation.

2. Nike’s annual reports, with information on revenues and employment, are available at the Securities and Exchange Commission’s EDGAR site: http://www.sec.gov/edgar/searchedgar/companysearch.html.

3. For a thoughtful early assessment on outsourcing, see James Brian Quinn and Frederick G. Hilmer (1995), “Strategic outsourcing,” McKinsey Quarterly 1995 (1): 48–70.

4. “Is This the Factory of the Future?” Saul Hansell, New York Times, July 26, 1998, http://www.nytimes.com/1998/07/26/business/is-this-the-factory-of-the-future.html.

5. Figures are from the Bureau of Labor Statistics at http://www.bls.gov/data/#employment.

6. “By the Numbers: How Foxconn Churns Out Apple’s iPhone 5s,” Philip Elmer-Dewitt, Fortune, November 27, 2013, http://fortune.com/2013/11/27/by-the-numbers-how-foxconn-churns-out-apples-iphone-5s/.

7. “China’s Troubling Robot Revolution,” Martin Ford, New York Times, June 10, 2015, http://www.nytimes.com/2015/06/11/opinion/chinas-troubling-robot-revolution.html.

8. Dell’s annual reports, with information on employment and strategy, are available at the SEC’s EDGAR (for years prior to the company’s going-private transaction): http://www.sec.gov/cgi-bin/browse-edgar?CIK=dell&Find=Search&owner=exclude&action=getcompany.

9. “101 Brand Names, 1 Manufacturer: The Mass Pet-Food Recall Reveals a Widespread Practice: Many Competing Products Come From the Same Factory,” Ellen Byron, Wall Street Journal, May 9, 2007, http://www.wsj.com/articles/SB117867462888496739.

10. “Medicines Made in India Set Off Safety Worries,” Gardiner Harris, New York Times, February 14, 2014, (http://www.nytimes.com/2014/02/15/world/asia/medicines-made-in-india-set-off-safety-worries.html.

11. “US Identifies Tainted Heparin in 11 Countries,” Gardiner Harris, New York Times, April 22, 2008, http://www.nytimes.com/2008/04/22/health/policy/22fda.html?ref=todayspaper.

12. The Sara Lee story is recounted in Davis, Managed by the Markets. Sara Lee employment figures are available at the SEC’s EDGAR: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000023666&owner=exclude&count=40&hidefilings=0.

13. Yong Hyun Kim (2015), “Challenges for Global Supply Chain Sustainability: Evidence from the Conflict Minerals Reports” (unpublished manuscript, on file at the University of Michigan, Ross School of Business).

14. “How Goods Are Produced,” Gerald F. Davis, New York Times, May 11, 2013; and “’Can Global Supply Chains Be Accountable?” Gerald F. Davis, YaleGlobal Online, May 16, 2013, http://yaleglobal.yale.edu/content/can-global-supply-chains-be-accountable.

15. “Inside Nike’s Struggle to Balance Cost and Worker Safety in Bangladesh,” Shelly Banjo, Wall Street Journal, April 21, 2014, http://www.wsj.com/news/articles/SB10001424052702303873604579493502231397942.

16. For more on the responsibility paradox, see Gerald F. Davis, Marina Whitman, and Mayer N. Zald (Winter 2008), “The responsibility paradox,” Stanford Social Innovation Review, http://www.ssireview.org/articles/entry/the_responsibility_paradox/.

CHAPTER 7 THE PUBLIC CORPORATION BECOMES OBSOLETE

1. “U.S. Upstart Takes On TV Giants in Price War,” Christopher Lawton, Yukari Iwatani Kane, and James Dean, Wall Street Journal, April 15, 2008, http://www.wsj.com/articles/SB120820684382013977.

2. “Vizio Dominates LCD TV Market in U.S.,” Don Reisinger, CNET, February 24, 2011, http://www.cnet.com/news/vizio-dominates-lcd-tv-market-in-u-s/.

3. “A Tiny Camcorder Has a Big Payday,” Ashlee Vance, New York Times, March 19, 2009, http://www.nytimes.com/2009/03/20/technology/companies/20flip.html; and “For Flip Video Camera, Four Years from Hot Start-up to Obsolete,” Sam Grovart and Evelyn M. Rusli, New York Times, April 21, 2011, http://www.nytimes.com/2011/04/13/technology/13flip.html.

4. “Sony’s Bread and Butter? It’s Not Electronics,” Hiroko Tabuchi, New York Times, May 27, 2013, http://www.nytimes.com/2013/05/28/business/global/sonys-bread-and-butter-its-not-electronics.html.

5. “The Internet’s $10 Million Mix Tapes,” Ethan Smith, Wall Street Journal, August 31, 2011, http://www.wsj.com/articles/SB10001424053111904009304576534711415540824#printMode.

6. For Netflix: http://www.sec.gov/Archives/edgar/data/1065280/000106528015000006/nflx201410k.htm. For Blockbuster: http://www.sec.gov/Archives/edgar/data/1085734/000119312505063510/d10k.htm.

7. John W. Meyer and Brian Rowan (1977), “Institutionalized organizations: Formal structure as myth and ceremony,” American Journal of Sociology 83:41–62.

8. ExxonMobil’s proxy statement, including shareholder proposals, is available at http://www.sec.gov/Archives/edgar/data/34088/000119312515128602/d855824ddef14a.htm.

9. “Bay Watched: How San Francisco’s New Entrepreneurial Culture Is Changing the Country,” Nathan Heller, The New Yorker, October 14, 2013, http://www.newyorker.com/magazine/2013/10/14/bay-watched.

CHAPTER 8 THE LAST GASP OF THE IPO MARKET

1. “Henry Ford Never Wanted His Company to Go Public,” Jim Henry, Automotive News, June 16, 2003, http://www.autonews.com/article/20030616/SUB/306160730/henry-ford-never-wanted-his-company-to-go-public.

2. Professor Ritter’s website at the Warrington College of Business is the authoritative resource for IPO data for the United States: http://site.warrington.ufl.edu/ritter/ipo-data/.

3. Data on IPOs is from Compustat, the Wharton Research Data Service, University of Pennsylvania, at https://wrds-web.wharton.upenn.edu/wrds/, and prospectuses accessed via the SEC’s EDGAR database http://www.sec.gov/edgar/searchedgar/companysearch.html.

4. “The IPO Is Dying. Marc Andreessen Explains Why,” Timothy B. Lee, Vox, June 26, 2014, http://www.vox.com/2014/6/26/5837638/the-ipo-is-dying-marc-andreessen-explains-why.

5. “Bay Watched,” Heller, http://www.newyorker.com/magazine/2013/10/14/bay-watched.

6. Facebook’s IPO prospectus is available from the SEC’s EDGAR at http://www.sec.gov/Archives/edgar/data/1326801/000119312512034517/d287954ds1.htm.

7. Gerald F. Davis (2005), “New directions in corporate governance,” Annual Review of Sociology 31: 143–62.

8. Google’s IPO prospectus is available at http://www.sec.gov/Archives/edgar/data/1288776/000119312504073639/ds1.htm.

9. Jay Ritter has compiled data on companies going public with dual-class voting shares at https://site.warrington.ufl.edu/ritter/files/2015/06/dual-class-ipo.pdf. Details for companies described here came from their prospectuses and proxy statements, accessed via the SEC’s EDGAR at https://www.sec.gov/edgar/searchedgar/companysearch.html.

10. Facebook’s prospectus, http://www.sec.gov/Archives/edgar/data/1326801/000119312512034517/d287954ds1.htm.

11. Data in this section came from the Compustat database maintained by the Wharton Research Data Services at https://wrds-web.wharton.upenn.edu/wrds/, and from corporate annual 10-K filings accessed via the SEC’s EDGAR at https://www.sec.gov/edgar/searchedgar/companysearch.html.

12. These figures are based on my analyses of Compustat data and 10-K filings for IPO firms.

13. Shai Bernstein (August 2015), “Does going public affect innovation?” Journal of Finance, 70(4): 1365–1403 (Stanford Graduate School of Business, https://www.gsb.stanford.edu/faculty-research/publications/does-going-public-affect-innovation).

CHAPTER 9 THE DISAPPEARING SOCIAL SAFETY NET

1. The text of the original report by Sir William Beveridge, November 26, 1942, is available on the Socialist Health Association website at http://www.sochealth.co.uk/national-health-service/public-health-and-wellbeing/beveridge-report/.

2. Sanford M. Jacoby (1997), Modern Manors: Welfare Capitalism Since the New Deal (Princeton, New Jersey: Princeton University Press).

3. J. Adam Cobb (2012), From the ‘Treaty of Detroit’ to the 401(k): The Development and Evolution of Privatized Retirement in the United States (unpublished dissertation, University of Michigan); and Frank Levy and Peter Temin (2007), Inequality and Institutions in 20th Century America (Massachusetts Institute of Technology Department of Economics).

4. The classic statement of this argument is Oliver E. Williamson, Michael L. Wachter, and Jeffrey E. Harris (1975), “Understanding the employment relation: The analysis of idiosyncratic exchange,” Bell Journal of Economics 6: 250–78.

5. “GM’s Decision to Cut Pensions Accelerates Broad Corporate Shift: Benefits Curb Follows Path of Other Companies On Worker Guarantees,” David Wessel, Ellen E. Schultz, and Laurie McGinley, Wall Street Journal, February 8, 2006, http://www.wsj.com/articles/SB113936666969167992.

6. “Retiree Benefits Take Another Hit: GM’s Plan to End Medical Coverage For Many 65 and Over Signals a New Era; Pensions to Increase by $300 a Month,” Vanessa Fuhrmans and Theo Francis, Wall Street Journal, July 16, 2008, http://www.wsj.com/articles/SB121617237912356653. See “Mom Gets Thrown Under the Bus by GM,” July 18, 2008, for the text of the letter at http://www.dailykos.com/story/2008/07/19/553738/-Mom-Gets-Thrown-Under-The-Bus-By-GM.

7. “Envisioning the End of Employer-Provided Health Plans,” Neil Irwin, New York Times, May 1, 2014, http://www.nytimes.com/2014/05/01/upshot/employer-sponsored-health-insurance-may-be-on-the-way-out.html?abt=0002&abg=0.

8. “Our Ridiculous Approach to Retirement,” Theresa Ghilarducci, New York Times, July 21, 2012, http://www.nytimes.com/2012/07/22/opinion/sunday/our-ridiculous-approach-to-retirement.html?ref=opinion.

9. See Davis, Managed by the Markets, (see chap. 1, n. 17), for details on changes in the largest employers.

10. Jonathan V. Hall and Alan B. Krueger (2015), “An Analysis of the Labor Market for Uber’s Driver-Partners in the United States,” January 22, 2015, http://dataspace.princeton.edu/jspui/bitstream/88435/dsp010z708z67d/5/587.pdf.

11. Peer Hull Kristensen, “Globalization and the Nordic Model: Towards Enabling Welfare States and Experimental Systems of Economic Organization? Findings from the EU FP6 Project: Translearn,” Interdisciplinary Committee on Organizational Studies, University of Michigan, October 2, 2009. His lecture is available for download at http://icos.umich.edu/lecture-2009-10-02.

CHAPTER 10 RISING INEQUALITY

1. “U.S. Income Inequality, on Rise for Decades, Is Now Highest since 1928,” Drew DeSilver, Pew Research Center, December 5, 2013, http://www.pewresearch.org/fact-tank/2013/12/05/u-s-income-inequality-on-rise-for-decades-is-now-highest-since-1928/.

2. “A Guide to Statistics on Historical Trends in Income Inequality,” Chad Stone, Danilo Trisi, Arloc Sherman, and Brandon Debot, Center for Budget and Policy Priorities, February 20, 2015, http://www.cbpp.org/research/poverty-and-inequality/a-guide-to-statistics-on-historical-trends-in-income-inequality.

3. “Top CEOs Make 300 Times More Than Typical Workers,” Lawrence Mishel and Alyssa Davis, Economic Policy Institute, June 21, 2015, http://www.epi.org/publication/top-ceos-make-300-times-more-than-workers-pay-growth-surpasses-market-gains-and-the-rest-of-the-0-1-percent/.

4. “The Top 25 Hedge Fund Managers Earn More Than All Kindergarten Teachers in U.S. Combined,” Philip Bump, Washington Post, May 12, 2015, http://www.washingtonpost.com/blogs/the-fix/wp/2015/05/12/the-top-25-hedge-fund-managers-earn-more-than-all-kindergarten-teachers-combined/.

5. “Just How Wealthy Is the Wal-Mart Walton Family?” Tom Kertscher, Politifact, December 8, 2013, http://www.politifact.com/wisconsin/statements/2013/dec/08/one-wisconsin-now/just-how-wealthy-wal-mart-walton-family/.

6. See my talk on institutions and inequality at the Interdisciplinary Committee on Organizational Studies, University of Michigan, October 3, 2014, at http://icos.umich.edu/lecture-2014-10-03.

7. Thomas Piketty (2013), Capital in the 21st Century (Cambridge, MA: Belknap Press).

8. See the PayScale Human Capital website at http://www.payscale.com/data-packages/ceo-income/full-list

9. Herbert A. Simon (1957), “The compensation of executives,” Sociometry 20: 32–5.

10. Gerald F. Davis and J. Adam Cobb (2010), “Corporations and economic inequality around the world: The paradox of hierarchy,” Research in Organizational Behavior 30: 35–53.

11. Schumacher (1973), Small Is Beautiful (London: Blond and Briggs), 203.

CHAPTER 11 DECLINING UPWARD MOBILITY

1. “A Steep Slide in Law School Enrollments Accelerates,” Elizabeth Olson and David Segal, New York Times, December 17, 2014, http://dealbook.nytimes.com/2014/12/17/law-school-enrollment-falls-to-lowest-level-since-1987/; and “Law School Is a Buyer’s Market, with Top Students in Demand,” Elizabeth Olson, New York Times, December 1, 2014, http://dealbook.nytimes.com/2014/12/01/law-school-becomes-buyers-market-as-competition-for-best-students-increases/.

2. Drucker, “The new society I,” 27 (see chap. 2, n. 13).

3. Markus Jantti, Knut Roed, Robyn Naylor, Anders Bjorklund, Bernt Bratsberg, et al. (2006), “American Exceptionalism in a New Light: A Comparison of Intergenerational Earnings Mobility in the Nordic Countries, the United Kingdom and the United States,” (Bonn, Germany, Institute for the Study of Labor Discussion), Series Paper No. 1938, http://ftp.iza.org/dp1938.pdf.

4. A. D. Bernhardt, M. Morris, M. S. Handcock, and M. A. Scott (1999), Job Instability and Wages for Young Adult Men, Pennsylvania State University Working Paper No. 99-01; and “Promotion Track Fades for Those Starting at Bottom: Decline of In-House Training, Rise of Outsourcing Leave More Stuck in Menial Jobs,” Joel Millman, Wall Street Journal, June 6, 2005, http://www.wsj.com/articles/SB111802315797151471.

5. For a brief summary, see “Upward Mobility Has Not Declined, Study Says,” David Leonhardt, New York Times, January 23, 2014, http://www.nytimes.com/2014/01/23/business/upward-mobility-has-not-declined-study-says.html.

6. Paul Beaudry, David A. Green, and Benjamin M. Sand (2014), “The declining fortunes of the young since 2000,” American Economic Review 104: 381–86.

7. “Jack Welch Class Day Interview—Jack Welch to HBS Grads: ‘Don’t Be a Jerk,’” Martha Lagace, Harvard Business School, Working Knowledge: The Thinking That Leads, June 11, 2011, http://hbswk.hbs.edu/archive/2310.html.

8. “Internships Abroad: Unpaid, with a $10,000 Price Tag,” Steven Greenhouse, New York Times, February 5, 2015, http://www.nytimes.com/2015/02/08/education/edlife/the-10000-unpaid-global-internship.html.

9. “The Youngest Technorati,” Matt Richtel, New York Times, March 8, 2014, http://www.nytimes.com/2014/03/09/technology/the-youngest-technorati.html.

10. “Pink Slips at Disney. But First, Training Foreign Replacements,” Julia Preston, New York Times, June 3, 2015, http://www.nytimes.com/2015/06/04/us/last-task-after-layoff-at-disney-train-foreign-replacements.html?_r=0.

11. “Disney Layoffs and Immigrant Replacements Draw Deluge of Comments,” Lela Moore, New York Times, June 5, 2015, http://www.nytimes.com/times-insider/2015/06/05/disney-layoffs-and-immigrant-replacements-draw-deluge-of-comments/.

12. “Young Workers Like Facebook, Apple, and Google,” Rachel Emma Silverman, Wall Street Journal, November 13, 2011, http://www.wsj.com/articles/SB10001424052970203537304577032224274830372.

13. “Facebook Only Hired Seven Black People in Latest Diversity Count,” Rupert Neate, The Guardian, June 25, 2015, http://www.theguardian.com/technology/2015/jun/25/facebook-diversity-report-black-white-women-employees.

14. See Apple’s employment figures from its 2014 Securities and Exchange Commission 10-K at http://www.sec.gov/Archives/edgar/data/320193/000119312514383437/d783162d10k.htm; and “Apple’s Retail Army, Long on Loyalty but Short on Pay,” David Segal, New York Times, June 23, 2012, http://www.nytimes.com/2012/06/24/business/apple-store-workers-loyal-but-short-on-pay.html.

15. “The Youngest Technorati,” Richtel, http://www.nytimes.com/2014/03/09/technology/the-youngest-technorati.html.

16. “Why Do App Developers Still Live with Their Moms?” Gerald F. Davis, Harvard Business Review, March 26, 2014, https://hbr.org/2014/03/why-do-app-developers-still-live-with-their-moms.

CHAPTER 12 SILVER LININGS?

1. Yochai Benkler (2013), “Practical anarchism: Peer mutualism, market power, and the fallible state,” Politics & Society 41: 213–51.

2. “There’s an Uber for Everything Now,” Geoffrey A. Fowler, Wall Street Journal, May 5, 2015, http://www.wsj.com/articles/theres-an-uber-for-everything-now-1430845789.

3. “Debating the Sharing Economy,” Juliet Schor, Great Transition Initiative, October 2014, http://greattransition.org/publication/debating-the-sharing-economy.

4. “Buying Furniture on iTunes: Creative Destruction in a World of ‘Locavore’ Production,” Network for Business Sustainability, November 7, 2012, http://nbs.net/buying-furniture-on-itunes-creative-destruction-in-a-world-of-locavore-production/.

5. Filson and Rohrbacher, AtFab, http://filson-rohrbacher.com/portfolio/atfab/.

6. “Here’s the Firefox Smartphone—and Why It Exists,” Nate Lanxon, Wired.co.uk, February 26, 2014, http://www.wired.co.uk/news/archive/2014-02/26/firefox-os-25.

7. “As More Tech Startups Stay Private, So Does the Money,” Farhad Manjoo, New York Times, July 1, 2015, http://www.nytimes.com/2015/07/02/technology/personaltech/as-more-tech-start-ups-stay-private-so-does-the-money.html.

CHAPTER 13 POSSIBLE POSTCORPORATE FUTURES

1. Jeremy Rifkin (2011), The Third Industrial Revolution: How Lateral Power Is Transforming Energy, Economy, and the World (New York: Palgrave MacMillan).

2. Drucker, “The new society I,” 21 (see chap. 2, n. 13).

3. Dr. Chuck Severance at the University of Michigan offers an excellent free online course in Python coding at https://online.dr-chuck.com/.

4. You can learn more about distributed manufacturing, and get involved yourself, at 100kGarages: http://www.100kgarages.com/.

5. Ronald H. Coase (1937), “The nature of the firm,” Economica 4: 386– 405.

6. “Modern Doctors’ House Calls: Skype Chat and Fast Diagnosis,” Abby Goodhough, New York Times, July 11, 2015, http://www.nytimes.com/2015/07/12/health/modern-doctors-house-calls-skype-chat-and-fast-diagnosis.html.

7. Gerald F. Davis (2010), “Job design meets organizational sociology,” Journal of Organizational Behavior 31: 302–8.

8. “Computer Tablets Take Over Part of a Restaurant Server’s Job,” Stacy Vanek Smith, Planet Money, May 29, 2015, http://www.npr.org/2015/05/29/410470091/computer-tablets-take-over-part-of-restaurant-servers-job.

9. “Working Anything But 9 to 5: Scheduling Technology Leaves Low-Income Parents With Hours of Chaos,” Jodi Kantor, New York Times, August 13, 2014, http://www.nytimes.com/interactive/2014/08/13/us/starbucks-workers-scheduling-hours.html.

10. “Bosses Reclassify Workers to Cut Costs: Scrutiny into Relationships with Contractors Leads to New Strategies,” Lauren Weber, Wall Street Journal, June 30, 2015, http://www.wsj.com/articles/bosses-reclassify-workers-to-cut-costs-1435688331.

11. “The People Inside Your Machine,” NPR Planet Money, Episode 600, http://www.npr.org/templates/transcript/transcript.php?storyId=382657657.

12. Daniel Bell (1987), “The world and the United States in 2013,” Deadalus 116(3): 1–31.

13. Benjamin R. Barber (2013), If Mayors Ruled the World: Dysfunctional Nations, Rising Cities (New Haven: Yale University Press).

14. Bill McKibben (2011), Eaarth: Making a Life on a Tough New Planet (New York: St. Martin’s).

15. Jessica Gordon Nembhard (2014), Collective Courage: A History of African American Cooperative Economic Thought and Practice (University Park, PA: Pennsylvania State University Press).

16. See Gar Alperovitz (2013), What Then Must We Do? Straight Talk about the Next American Revolution (Chelsea Green Press).

CHAPTER 14 NAVIGATING A POSTCORPORATE ECONOMY

1. “A Steep Slide in Law School Enrollments Accelerates,” Elizabeth Olson and David Segal, New York Times, December 17, 2014, http://dealbook.nytimes.com/2014/12/17/law-school-enrollment-falls-to-lowest-level-since-1987/.

2. “Is Success Even Possible in This ‘Powerball’ Economy?” Gerald F. Davis, Yahoo! Finance, December 17, 2012, http://finance.yahoo.com/blogs/the-exchange/success-even-possible-powerball-economy-233115628.html.

3. “Offshoring: The Next Industrial Revolution?” Alan S. Blinder, Foreign Affairs, March/April 2006, https://www.foreignaffairs.com/articles/2006-03-01/offshoring-next-industrial-revolution.

4. “Workers Stuck in Disability Stunt Economic Recovery,” Leslie Scism and Jon Hilsenrath, Wall Street Journal, April 7, 2013, http://www.wsj.com/articles/SB1000142412788732351180457829815137453157; and “Trends with benefits,” This American Life, Episode 490, March 22, 2013, http://www.thisamericanlife.org/radio-archives/episode/490/transcript.

5. “The Task Rabbit Economy,” Robert Kuttner, The American Prospect, October 10, 2013, http://prospect.org/article/task-rabbit-economy.

6. Obama proposed this idea in his February 12, 2013, State of the Union address at https://www.whitehouse.gov/the-press-office/2013/02/12/remarks-president-state-union-address; and see “Push to Gauge Bang for Buck from College Gains Steam,” Ruth Simon and Michael Corkery, Wall Street Journal, February 11, 2013, http://www.wsj.com/articles/SB10001424127887324880504578298162378392502.

7. “Rick Scott wants to shift university funding away from some degrees,” Zac Anderson, Herald-Tribune, October 10, 2011, http://politics.heraldtribune.com/2011/10/10/rick-scott-wants-to-shift-university-funding-away-from-some-majors/.

8. “Want a Steady Income? There’s an App for That,” Anand Giridharadas, New York Times Magazine, April 29, 2015, http://www.nytimes.com/2015/05/03/magazine/want-a-steady-income-theres-an-app-for-that.html.

9. “Replacing middle management with APIs,” Peter Reinhardt, February 2015, http://rein.pk/replacing-middle-management-with-apis/.