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Sustainable Prosperity in the New Economy?

Business Organization and High-Tech Employment in the United States

William Lazonick

Publication Year: 2009

Lazonick explores the origins of the new era of employment insecurity and income inequality, and considers what governments, businesses, and individuals can do about it. He also asks whether the United States can refashion its high-tech business model to generate stable and equitable economic growth.

Published by: W.E. Upjohn Institute


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Title page

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Copyright page

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p. v


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pp. vii-viii

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pp. xiii-xviii

As I write this preface in March 2009, the United States is in the midst of the worst economic crisis since the Great Depression. The Obama administration has established a massive stimulus package to get the economy back on track. As I show in this book, however, there are fundamental problems with the U.S. economy that predate...

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1 - What is New, and Permanent, about the "New Economy"?

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pp. 1-38

The Internet boom of the last half of the 1990s seemed to herald the arrival of a “New Economy” with its promise that, after the stagnation of the early 1990s, innovation in information and communication technologies (ICT) would regenerate economic prosperity. The sharp economic downturn in 2001–2002 called into...

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2 - The Rise of the New Economy Business Model

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pp. 39-80

Technologies that were discovered and developed by Old Economy corporations provided the essential foundations for the rise of the New Economy in ICT. During the post–World War II decades, AT&T, a regulated monopoly since 1913, dominated the communications industry. A U.S. government antitrust...

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3 - The Demise of the Old Economy Business Model

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pp. 81-114

In the 1970s, even before the rise of NEBM, the postwar era of employment security at U.S. industrial corporations had begun to change (see Lazonick 2004a). Corporations that had acquired too many companies in too many unrelated lines of business in the conglomerate movement of the 1960s became...

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4 - Pensions and Unions in the New Economy

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pp. 115-148

The rise of NEBM and the demise of OEBM meant the end of employment relations based on careers with one company. In the post– World War II decades, such employment relations provided the fundamental foundation for stable and equitable growth in the U.S. economy. A “back-loaded” defined-benefit (DB) pension plan that rewarded years of service with the company ensured...

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5 - Globalization of the High-Tech Labor Force

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pp. 149-196

By the 2000s, employment relations in U.S. ICT industries had changed dramatically from those that had prevailed into the 1980s. The interfirm mobility of labor, facilitated by industry standards as opposed to proprietary standards, and the vertical specialization of the value chain, including the outsourcing...

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6 - The Quest for Shareholder Value

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pp. 197-248

The globalization of the ICT labor force need not necessarily create employment problems for members of the U.S. ICT labor force. A nation such as the United States is in a prime position to both contribute to and gain from globalization. With taxpayers’ money, the U.S. government has supported, and continues to...

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7 - Prospects for Sustainable Prosperity

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pp. 249-280

Driven by the microelectronics revolution, the United States has been a highly innovative economy over the past three decades. The resultant economic growth, however, has been unstable, and the distribution of income has become significantly more unequal. In this book, I have shown that the change from...


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pp. 281-330

The Author

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pp. 331-332


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pp. 333-355

About the Institute

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p. 357

E-ISBN-13: 9780880994330
E-ISBN-10: 0880994339
Print-ISBN-13: 9780880993500
Print-ISBN-10: 0880993502

Page Count: 357
Publication Year: 2009

Edition: First

OCLC Number: 501945169
MUSE Marc Record: Download for Sustainable Prosperity in the New Economy?

Research Areas


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Subject Headings

  • Information technology -- Economic aspects -- United States.
  • High technology industries -- United States.
  • Labor market -- United States.
  • Economic development -- United States.
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