Bowles et al argue that corporations -- large, powerful business entities -- are a primary cause of this chronic situation of wasted resources and slack productivity. They describe what they call the "post-war corporate system" in these terms:
[It] was based upon relations of domination and subordination, forged into an inflexible and hierarchical structure of private privilege. (6)
And in fact they believe they can produce statistical evidence demonstrating that this system has strongly negative effects:
the costs-of-corporate-power model statistically accounts for almost all of the slowdown of productivity growth in the U.S. economy. (7)
Here is how they illustrate their theory....Corporate power laid on the table for dissection. Ain't pretty.
Understanding Society
Beyond stagnation
Daniel Little | Chancellor, University of Michigan at Dearborn
So we urgently need to pose the key question: What are the reforms within our contemporary economic institutions that can help to bring up the incomes of the bottom sixty percent of our society and help to compress the growing inequalities of income that we have witnessed in the past twenty years? How can we achieve growth with equity and a decent quality of life for all Americans? And where are the bold thinkers who can help us answer these questions?
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