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Understanding "Financialization" and How to Defeat It
May 23, 2024 In the 1970s, something happened to the American economy that many people failed to appreciate at the time. After decades of strong and growing labor power, a burgeoning consumers’ protection movement emerged, and efforts to win new environmental protections were taking root.
The most important thing for CEOs, who now receive most of their compensation in stock options instead of salary, is increasing their company’s share price, delivering record dividends, and keeping investors happy while growing their own wealth. If that focus on immediate shareholder value means the quality of products suffers, the environment is damaged, that workers are treated poorly, or even if it comes at the expense of the long-term sustainability of the business, that's too bad! These types of tricks don’t just threaten workers’ rights and the sustainability of existing companies, they also contribute to the record levels of wealth and income inequality the country faces.
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