The Speculation Economy: How Finance Triumphed Over Industry

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The book delves into the transformation of American corporations from product-focused entities to ones driven by stock price maximization, tracing this shift back to the early 20th century. It examines how mergers created giant corporations and highlights the legal and regulatory changes that enabled this evolution. As more Americans turned to riskier stock investments, the balance shifted from industry serving finance to finance dominating industry. The analysis reveals the historical roots of contemporary corporate misconduct, providing insight into the speculative nature of today's economy.