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The Real Reason Layoffs Are So Common in Corporate America
yt.artemislena.euWork sucks, we know. How did we get to this world with layoffs, slashed employee benefits, and cutthroat methods of increasing corporate profits? Just two people are responsible for shaping more of your modern work life than you think.
Sources:
NPR: https://www.npr.org/2022/06/01/1101505691/short-term-profits-and-long-term-consequences-did-jack-welch-break-capitalism
Review of Int’l Political Economy: https://www.tandfonline.com/doi/pdf/10.1080/09692290.2019.1649293
Physics World: https://physicsworld.com/a/the-demise-of-an-electronics-giant-the-men-who-killed-general-electric/
Vox: https://www.vox.com/money/23691406/layoffs-history-job-insecurity-corporate-downsizing-q-a
https://www.vox.com/2018/8/2/17639762/stock-buybacks-tax-cuts-trump-republicans
Marketplace: https://www.marketplace.org/2016/06/13/profit-ibm/
Washington Post: https://www.washingtonpost.com/archive/politics/1996/03/31/for-workers-surplused-by-ibm-lives-forever-changed/1abb382f-1438-4fde-93f1-d625d43a4b49/
Slate: https://slate.com/news-and-politics/2017/09/why-companies-and-ceos-treat-their-workers-like-garbage.html
Harvard Business Review:
https://hbr.org/2022/12/what-companies-still-get-wrong-about-layoffs
https://hbr.org/2009/07/shareholders-first-not-so-fast
Case for Stock Buybacks: https://hbr.org/2017/09/the-case-for-stock-buybacks
New York Times: https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html
https://www.nytimes.com/roomfordebate/2015/04/16/what-are-corporations-obligations-to-shareholders/corporations-dont-have-to-maximize-profits
https://www.nytimes.com/2023/03/04/business/biden-buffett-debate-share-buybacks.html#:~:text=Companies%20announced%20plans%20to%20buy,of%20the%20National%20Economic%20Council.
The Nation:
https://www.thenation.com/article/archive/the-shareholder-revolution-devours-its-children/
The Man Who Broke Capitalism by David Gelles: https://www.amazon.com/Man-Who-Broke-Capitalism-America_and/dp/198217644X
Economic Policy Institute: https://www.epi.org/publication/charting-wage-stagnation/
https://www.epi.org/publication/ceo-pay-in-2021/
Center on Budget and Policy Priorities: https://www.cbpp.org/research/poverty-and-inequality/a-guide-to-statistics-on-historical-trends-in-income-inequality
Bureau of Labor Statistics: https://www.bls.gov/spotlight/2016/union-membership-in-the-united-states/home.htm
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Ooh ooh is one of them Jack Welch, notorious GE bastard?
Nailed it! 😄
Worth the listen