The financial crisis that began in 2008 has made Americans keenly aware of the enormous impact Wall Street has on the economic well-being of the nation and its citizenry. How did financial markets and institutions-commonly perceived as marginal and elitist at the beginning of the twentieth century-come to be seen as the bedrock of American capitalism? How did stock investment-once considered disreputable and dangerous-first become a mass practice? Julia Ott tells the story of how, between the rise of giant industrial corporations and the Crash of 1929, the federal government, corporations, and financial institutions campaigned to universalize investment, with the goal of providing individual investors with a stake in the economy and the nation. As these distributors of stocks and bonds established a broad, national market for financial securities, they debated the distribution of economic power, the proper role of government, and the meaning of citizenship under modern capitalism. By 1929, the incidence of stock ownership had risen to engulf one quarter of American households in the looming financial disaster. Accordingly, the federal government assumed responsibility for protecting citizen-investors by regulating the financial securities markets. By recovering the forgotten history of this initial phase of mass investment and the issues surrounding it, Ott enriches and enlightens contemporary debates over economic reform.
Mindy Thompson Fullilove traverses the central thoroughfares of our cities to uncover the ways they bring together our communities After an 11-year study of Main Streets in 178 cities and 14 countries, Fullilove discovered the power of city centers to “help us name and solve our problems.” In an era of compounding crises including racial injustice, climate change, and COVID-19, the ability to rely on the power of community is more important than ever. However, Fullilove describes how a pattern of disinvestment in inner-city neighborhoods has left Main Streets across the U.S. in disrepair, weakening our cities and leaving us vulnerable to catastrophe. In the face of urban renewal programs built in response to a supposed lack of “personal responsibility,” Fullilove offers “a different story, that of a series of forced displacements that had devastating effects on inner-city communities. Through that lens, we can appreciate the strength of segregated communities that managed to temper the ravages of racism through the Jim Crow era, and build political power and many kinds of wealth. . . . Only a very well-integrated, powerful community—one with deep spiritual principles—could have accomplished such a feat.” This is the power she hopes we will find again. Throughout Main Street, readers glimpse strong, vibrant communities who have conquered a variety of disasters, from the near loss of a beloved local business to the devastation of a hurricane. Using case studies to illustrate her findings, Fullilove turns our eyes to the cracks in city centers, the parts of the city that tend to be avoided or ignored. Providing a framework for those who wish to see their communities revitalized, Fullilove’s Main Street encourages us all to look both inward and outward to find the assets that already exist to create meaningful change.
As an archetype for an entire class of places, Main Street has become one of America's most popular and idealized images. In Main Street Revisited, the first book to place the design of small downtowns in spatial and chronological context, Richard Francaviglia finds the sources of romanticized images of this archetype, including Walt Disney's Main Street USA, in towns as diverse as Marceline, Missouri, and Fort Collins, Colorado. Francaviglia interprets Main Street both as a real place and as an expression of collective assumptions, designs, and myths; his Main Streets are treasure troves of historic patterns. Using many historical and contemporary photographs and maps for his extensive fieldwork and research, he reveals a rich regional pattern of small-town development that serves as the basis for American community design. He underscores the significance of time in the development of Main Street's distinctive personality, focuses on the importance of space in the creation of place, and concentrates on popular images that have enshrined Main Street in the collective American consciousness.
"Traces the transformation of commercial development as it has moved from centralized main streets, out along the street car lines, to form the "miracle miles" and shopping malls of today ... Also explores the evolution of roadside buildings."--Back cover.
Private equity firms have long been at the center of public debates on the impact of the financial sector on Main Street companies. Are these firms financial innovators that save failing businesses or financial predators that bankrupt otherwise healthy companies and destroy jobs? The first comprehensive examination of this topic, Private Equity at Work provides a detailed yet accessible guide to this controversial business model. Economist Eileen Appelbaum and Professor Rosemary Batt carefully evaluate the evidence—including original case studies and interviews, legal documents, bankruptcy proceedings, media coverage, and existing academic scholarship—to demonstrate the effects of private equity on American businesses and workers. They document that while private equity firms have had positive effects on the operations and growth of small and mid-sized companies and in turning around failing companies, the interventions of private equity more often than not lead to significant negative consequences for many businesses and workers. Prior research on private equity has focused almost exclusively on the financial performance of private equity funds and the returns to their investors. Private Equity at Work provides a new roadmap to the largely hidden internal operations of these firms, showing how their business strategies disproportionately benefit the partners in private equity firms at the expense of other stakeholders and taxpayers. In the 1980s, leveraged buyouts by private equity firms saw high returns and were widely considered the solution to corporate wastefulness and mismanagement. And since 2000, nearly 11,500 companies—representing almost 8 million employees—have been purchased by private equity firms. As their role in the economy has increased, they have come under fire from labor unions and community advocates who argue that the proliferation of leveraged buyouts destroys jobs, causes wages to stagnate, saddles otherwise healthy companies with debt, and leads to subsidies from taxpayers. Appelbaum and Batt show that private equity firms’ financial strategies are designed to extract maximum value from the companies they buy and sell, often to the detriment of those companies and their employees and suppliers. Their risky decisions include buying companies and extracting dividends by loading them with high levels of debt and selling assets. These actions often lead to financial distress and a disproportionate focus on cost-cutting, outsourcing, and wage and benefit losses for workers, especially if they are unionized. Because the law views private equity firms as investors rather than employers, private equity owners are not held accountable for their actions in ways that public corporations are. And their actions are not transparent because private equity owned companies are not regulated by the Securities and Exchange Commission. Thus, any debts or costs of bankruptcy incurred fall on businesses owned by private equity and their workers, not the private equity firms that govern them. For employees this often means loss of jobs, health and pension benefits, and retirement income. Appelbaum and Batt conclude with a set of policy recommendations intended to curb the negative effects of private equity while preserving its constructive role in the economy. These include policies to improve transparency and accountability, as well as changes that would reduce the excessive use of financial engineering strategies by firms. A groundbreaking analysis of a hotly contested business model, Private Equity at Work provides an unprecedented analysis of the little-understood inner workings of private equity and of the effects of leveraged buyouts on American companies and workers. This important new work will be a valuable resource for scholars, policymakers, and the informed public alike.
This book examines the relation between the economy and the stock market. It discusses the academic theories and the empirical facts, and guides readers through the fascinating interaction between economic activity and financial markets.
A richly illustrated cultural history of the midcentury pulp paperback "There is real hope for a culture that makes it as easy to buy a book as it does a pack of cigarettes."—a civic leader quoted in a New American Library ad (1951) American Pulp tells the story of the midcentury golden age of pulp paperbacks and how they brought modernism to Main Street, democratized literature and ideas, spurred social mobility, and helped readers fashion new identities. Drawing on extensive original research, Paula Rabinowitz unearths the far-reaching political, social, and aesthetic impact of the pulps between the late 1930s and early 1960s. Published in vast numbers of titles, available everywhere, and sometimes selling in the millions, pulps were throwaway objects accessible to anyone with a quarter. Conventionally associated with romance, crime, and science fiction, the pulps in fact came in every genre and subject. American Pulp tells how these books ingeniously repackaged highbrow fiction and nonfiction for a mass audience, drawing in readers of every kind with promises of entertainment, enlightenment, and titillation. Focusing on important episodes in pulp history, Rabinowitz looks at the wide-ranging effects of free paperbacks distributed to World War II servicemen and women; how pulps prompted important censorship and First Amendment cases; how some gay women read pulp lesbian novels as how-to-dress manuals; the unlikely appearance in pulp science fiction of early representations of the Holocaust; how writers and artists appropriated pulp as a literary and visual style; and much more. Examining their often-lurid packaging as well as their content, American Pulp is richly illustrated with reproductions of dozens of pulp paperback covers, many in color. A fascinating cultural history, American Pulp will change the way we look at these ephemeral yet enduringly intriguing books.
Main Street, Not Wall Street is the ultimate guide to using your hometown advantage to beat the market. John Rubino's commonsense approach helps you recognize and capitalize on up-and-coming local companies and investment opportunities, letting you make more money without ever leaving your neighborhood. The information you need is right here at your fingertips. To get you started, Main Street, Not Wall Streetincludes a priceless resource section listing over a thousand local brokers, local business to watch, local business journals, and more. With this book, you'll know just where to look - the ticket is beating Wall Street to the punch. Using real life examples, Rubino shows that when tomorrow's companies are born, their neighbors notice them first; local papers cover them and local brokers recommend their stocks. His step -by-step formula shows you how to turn what you see and what you hear into sound investment strategies. Main Street, Not Wall Street offers valuable tips on networking with locals in the know, finding and working with a local broker, evaluating the local journals, and using the internet to research new markets. Rubino outlines a definitive system for creating and managing a portfolio of emerging local companies to keep you in the game - and winning.
