Marketization, Globalization, Financialization - University of York
Marketization, Globalization, Financialization: The Fragility of the US Economy in an Era of Global Change William Lazonick University of Massachusetts and University of Bordeaux Revised March 2010 This paper has been written for the project on “National Adjustments to a Changing Global Economy,” led by Dan Breznitz and John Zysman, funded by the Alfred P. Sloan Foundation. This paper builds on research in William Lazonick, Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States, Upjohn Institute for Employment Research, 2009; “The New Economy Business Model and the Crisis of US Capitalism,” Capitalism and Society, 4, 2, 2009; and “The Explosion of Executive Pay and the Erosion of American Prosperity,” Entreprises et Histoire, 57, 2010 (forthcoming). The most recent research contained in this paper was funded by FINNOV project through Theme 8 of the Seventh Framework Programme of the European Commission (Socio-Economic Sciences and Humanities), under the topic “The role of finance for growth, employment and competitiveness in Europe” (SSH-2007-1.2- 03) as well as the Ford Foundation project on “Financial institutions for innovation and development.” I am grateful to Ebru Bekaslan, Yin Li, and Mustafa Erdem Sakinç for research assistance.