October 30, 2011
How We Got Here
NP: Tottenham vs. QPR
Last week, Brad Plumer flagged an article on Mitt Romney and his Bain Capital years, describing the change in the management consulting industry as "the shareholder value revolution."
If anyone knows of any good books describing that "shareholder value revolution" in more detail, I'd love to hear about them. I have a prevailing theory that the shift from responsibility to one's customers to one's shareholders is a huge part of the increased income inequality since the 1980s. My theory is that this broke Adam Smith's "invisible hand," effectively decoupling the good of the business community with the good of society at large.
I just don't know whether or not there was a precipitating event. My guess is the introduction of 401K retirement plans, which I also guess injected a lot of other people's money into the stock market.
Again, all just guesses. But something happened at the beginning of the 80s that gave rise to companies like Bain and McKinsey, and I'm really curious as to what it was.
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