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Employees, Pensions, And The New Economic Order, Jeffrey N. Gordon
Employees, Pensions, And The New Economic Order, Jeffrey N. Gordon
Faculty Scholarship
The "New Economic Order" in the United States is a regime of trade liberalization, a robust market in corporate control, and labor market flexibility. Among the consequences over the 1980-1995 period is a divergence between the growth rate of corporate profits and stocks prices, which have increased by approximately 250% in real terms, and wages, which have barely increased at all, except for the top quintile. Contrary to popular belief employees have not significantly participated through their pension funds in this stock market appreciation. In the historically dominant defined benefit pension plan, the sponsoringfirm, not the employee, is the residual …
The Shaping Force Of Corporate Law In The New Economic Order, Jeffrey N. Gordon
The Shaping Force Of Corporate Law In The New Economic Order, Jeffrey N. Gordon
Faculty Scholarship
My topic for this Allen Chair lecture is the shaping force of corporate governance in the new economic order. It is easy to think of corporate law as an arcane field with mysterious terms and peculiar rules, ultimately of interest only to those who are prepared to bill at least 2000 hours a year to unravel its complexities. This is the view that there is a pointless mystery about shareholders, directors, common stocks, debentures, and the bizarre creature my class encountered recently, a convertible exchangeable cumulative preferred stock; and that ultimately corporate law and practice consists of the expert manipulation …