THE SPECULATION ECONOMY
Book ID/图书代码： 12580007B15060
English Summary/英文概要： As the 20th century dawned there was a silent but fateful transformation in the purpose of the American economy. Finance stopped serving industry and twisted industry to serve its own ends. The Speculation Economy shows this reversal of economic priorities, and its sometimes-disastrous consequences, demonstrated most recently by Enron.
American companies once focused on providing the best products and services. Today most corporations are obsessed with maximizing their stock process, resulting in short-term thinking and sometimes even cook-the-books corruption seen in the Enron and World Com scandals. How did this happen?
In this groundbreaking book, Lawrence E. Mitchell traces the origins of the problem to a specific era in U.S. history—the first decade of the 20th century—when existing companies merged into huge combinations for the purpose of manufacturing stock and flooded the market with their shares. He describes and analyzes the legal changes that made this possible, the federal regulatory efforts that missed the significance of this development and the changes in American society and culture that led more and more Americans to enter the market, turning from bonds to common stock in the hopes of becoming rich. Financiers and the corporations they controlled encouraged them, but as stock ownership expanded and business were increasingly forces to cater to stockholders’ expectations, a subtle but revolutionary shift in the nature of the American economy took place: finance no longer served industry; instead industry began to serve finance.
The Speculation Economy examines this economic Pandora’s box, the historical roots of modern American corporate culture.
Chinese Summary/中文概要： 全民瘋股市、瘋樂透的狀況在各國都非常普遍，對個人而言或許投資致富成分居多，但是對企業法人來說，股市能為他們賺進大量資金的迷思讓他們不知不覺陷入操控股價的泥沼，專注於他們並不諱言稱為「投機」的事業 (註：可以稱為「事業」嗎？) ，而忽略了企業經營生產服務的本質。
The Speculation Economy 是研究經濟、法律、財政、社會、歷史多年的教授針對美國的這個現象，從開始發展證券金融的時間談起，將該制度發展到現在所產生的種種問題，一一點出，逐一檢視，處在台灣的我們可以當作借鏡。
Awards/获奖情况：
About the Author/作者介绍： Professor Mitchell is interested in corporate law and finance, jurisprudence, and history, among other things. His publications include: Progressive Corporate Law (editor, 1995); Stacked Deck: A Story of Selfishness in America (1998); Corporate Irresponsibility: America’s Newest Export (2001); and The Speculation Economy: How Finance Triumphed Over Industry (forthcoming, October 2007).
He also is the author of a number of law review articles and two casebooks: Corporate Finance and Governance (with Lawrence Cunningham and Jeffrey Haas) and Corporations (with Dalia Tsuk Mitchell). Professor Mitchell tries to explore his subjects within a broad social context, drawing upon economics, sociology, history, philosophy, and social psychology, as well as law.
Format:GALLEY
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