E234 - The Rise of Shareholder Primacy w/ Sean Delehanty

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Danny and Derek speak with historian Sean Delehanty about the invention of shareholder value and the transformation of the American corporation in the late twentieth century. They discuss postwar conglomerates and corporate social responsibility, the crisis of Fordism, the rise of financial economics, and the theory of the firm. They also look at hostile takeovers, leveraged buyouts, private equity, the collapse of the public corporation, and the bipartisan consolidation of shareholder primacy in the 1990s.

Buy Sean’s book Company Men: The Invention of Shareholder Value and the Splintering of the American Economy.

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