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A subversive approach to economic theory, this book explores the devastating impact of globalisation and a lack of governmental regulation on the US workforce by challenging two key economic principles: that markets are competitive, and the claim that corporations exist for the benefit of their shareholders, but not for other stakeholders.
List of contents
- Chapter 1 - Introduction
- Chapter 2 - The Theory of Competitive Markets
- Chapter 3 - Lack of Competition in U.S. Markets
- Chapter 4 - The Effects of Mega-Mergers
- Chapter 5 - Corporate Stakeholders
- Chapter 6 - Outsourcing in the U.S. and Europe
- Chapter 7 - Legitimization of Greed - Heartbreak to Workers
- Chapter 8 - Belief Systems and Confirmation Bias
- Chapter 9 - Recommendations
- Chapter 10 - Postscript
- Bibliography
- Appendix A - Profitability of the Four Major Airlines
- Appendix B - Methods to Determine Concentration
- Appendix C - Results of Concentration Studies
- Appendix D - Congressional Bills Regulating Outsourcing
About the author
John N. Drobak is George A. Madill Professor of Law in the School of Law and Professor of Economics in Arts & Sciences, both positions at Washington University. Since joining the department in 1979, Professor Drobak has been named Law School Teacher of the Year on numerous occasions. In 2000, he was honored by Washington University with its Distinguished Faculty Award.
Summary
A subversive approach to economic theory, this book explores the devastating impact of globalisation and a lack of governmental regulation on the US workforce by challenging two key economic principles: that markets are competitive, and the claim that corporations exist for the benefit of their shareholders, but not for other stakeholders.
Additional text
In this thought-provoking book, John Drobak invites us to take a new look at markets and regulation, by challenging many of the standard assumptions made by economists. Perhaps Drobak's biggest idea rests on citizen/voter beliefs about the market. If a large portion of Americans become disillusioned with markets because they believe markets work only for the rich, then it risks a political backlash. This is a recipe for populism and anti-market policies.
