Managerial Capitalism Taken Over
This chapter focuses on the 1980s, a market-oriented decade that marked the demise of managerial capitalism. Entrepreneurial ability became more highly prized than managerial competence, and, primarily due to increased takeover activity, a managerial comfort zone from which public company executives had benefitted was substantially eroded. During “the Deal Decade” takeover bids, most conspicuously ones launched by flamboyant corporate “raiders,” provided executives eager to forestall an unwelcome approach with a potent incentive to bolster shareholder returns. Deregulation and liberalized access to capital simultaneously expanded the discretion available to public company executives and intensified competitive pressure on large firms formerly insulated by substantial barriers to entry.
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