Number of words – 906 Why do workers in the financial industry get paid so much? There are many possible explanations, none of them completely satisfying. The financial industry commands a much larger share of the U.S. economy than in the past, causing some to worry that the industry gets more money than its economic … Read more
I have already argued that private enterprise in a so-called advanced society derives very large benefits from the infrastructure – both visible and invisible – which such a society has built up through public expenditure. But the public hand, although it defrays a considerable part of the cost of private enterprise, does not directly participate … Read more
Ernest Bader started the enterprise of Scott Bader Co Ltd in 1920, at the age of thirty. Thirty-one years later, after many trials and tribulations during the war, he had a prosperous medium-scale business employing 161 people, with a turnover of about Pounds 625,000 a year and net profits exceeding Pounds 72,000. Having started with … Read more
‘Such property may be called passive property, or property for acquisition, for exploitation, or for power, to distinguish it from the property which is actively used by its owner for the conduct of his profession or the upkeep of his household. To the lawyer the first is, of course, as fully property as the second. … Read more
Now, until quite recently, that is to say, some fifty to seventy years ago, the way we did things was, by present standards, quite primitive. In this connection, I should like to refer to Chapter II of John Kenneth Galbraith’s The New Industrial Estate.’ It contains a fascinating report on the Ford Motor Company. The … Read more
The real task may be formulated in four propositions: First, that workplaces have to be created in the areas where the people are living now, and not primarily in metropolitan areas into which they tend to migrate. Second, that these workplaces must be, on average, cheap enough so that they can be created in large … Read more
Milken often spoke to students at business schools. On these occasions he liked, for dramatic effect, to demonstrate how hard it actually is to put a large company into bankruptcy. The forces interested in keeping a large company afloat, he argued, are far greater than those that wish to see it perish. He’d present the … Read more
Drexel was making its fortune in junk bonds, and that stung. We were supposed to be Wall Street’s bond traders. We were in danger of losing that distinction, however, for our managers had failed to see how important junk bonds would become. They thought junk was a passing fad. That was easily their single most … Read more
Wall Street brings together borrowers of money with lenders. Until the spring of 1978, when Salomon Brothers formed Wall Street’s first mortgage security department, the term borrower referred to large corporations and to federal, state, and local governments. It did not include homeowners. A Salomon Brothers partner named Robert Dall thought this strange. The fastest-growing … Read more
We don’t want to fight But, by Jingo, if we do, We’ve got the ships, We’ve got the men, We’ve got the money, too – “MACDERMOTT’S WAR SONG” SUNG AT THE LONDON PAVILION 1878 Negative nationalism reached a hillock of intellectual clarity in 1878 during yet another one of those Russian-Turkish crises that London tried … Read more
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