A history of finance-industry relationships in the United States: origins and remedies to the financialization of corporations

Une histoire des relations finance-industrie aux États-Unis: origines et remèdes à la financiarisation des entreprises

Tristan Auvray () and Thomas Dallery
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Tristan Auvray: CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique

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Abstract: This article revisits the history of the relationships between finance and industry in the United States, as it was first suggested by Hyman Minsky, but we refocus the analysis on shareholding so as to understand the current influence expressed by shares' owners on corporations. We examine the evolution of the two institutions allowing shareholders to weigh on firms' governance: market liquidity and voting power associated with shares' concentration. We underline that, despite the process of shareholding dispersion, a concentration has always been present. It is thus the existence of a constraint on liquidity which permits to managers to preserve a while the autonomy won during the XXth century. We suggest the hypothesis that this constraint relies on capital controls, internal or external to the United States.

Date: 2019
New Economics Papers: this item is included in nep-his
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Published in Entreprises et Histoire, 2019, 94 (1), pp.30-49. ⟨10.3917/eh.094.0030⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02482579

DOI: 10.3917/eh.094.0030

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