Chapter

Did Concentration Increase Inequality?

Rohit

in It's Not Over

Published in print January 2013 | ISBN: 9780198088417
Published online January 2013 | e-ISBN: 9780199082292 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198088417.003.0003
Did Concentration Increase Inequality?

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After presenting independent evidence of a weakened working class and a resurgent capitalist class in chapter 2, chapter 3 attempts to link these two up. An aggressive process of concentration in business through ‘downsize and distribute’ involved steps like union busting, labour-displacing technical change, and greater incentive to top executives whose sole focus was on shareholder value maximisation. At the same time, a stronger capitalist class could force the government to keep a tab on the minimum wages to ensure competitiveness in the global markets. These arguments are established by presenting some secondary level data on the possible macroeconomic effects of mergers and acquisitions.

Keywords: shareholder value; efficiency-enhancing mergers; union busting; minimum wages; downsize and distribute

Chapter.  6045 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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