Swords into Dow Shares
Governing the Decline of the Military-Industrial Complex
By (author) Rachel Weber
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Swords into Dow Shares by Rachel Weber
Book DescriptionContemporary legal doctrine holds that corporate managers have obligations, first and foremost, to maximize profits for their shareholders. This doctrine is based on the assumption that shareholders alone bear the financial risks and contribute the equity necessary for production. But what if other groups contribute assets and also risk losing their investments? What if other groups actually shelter shareholders from financial risks? Such is the case with the nation's prime defense contractors. By examining the case of defense contracting, where the federal government and, indirectly, the taxpayers assume most of the risks and costs of producing weaponry, Rachel Weber critiques the assumptions underlying our system of corporate governance.The Department of Defense provides contracts for billions of dollars, specialized components and facilities, interest subsidies, tax breaks, and regulatory relief. These public contributions make the record shareholder returns and executive compensation packages of the early 1990s all the more problematic. This book follows the case of General Dynamics, the nation's largest military shipbuilder and considered a trendsetter in the industry for its explicit shareholder orientation. The behavior of contractors like General Dynamics in the post-Cold War period raises serious concerns about the private stewardship of public funds. How can the government make contractors accountable to other public interests? In Swords into Dow Shares Rachel Weber offers some original suggestions for redirecting defense resources to foster innovation, decrease the tax burden of military spending, and help to retain and create high-wage jobs in a civilian-industrial economy.
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Book DetailsISBN: 9780813397900
(229mm x 152mm x 15mm)
Imprint: Westview Press Inc
Publisher: The Perseus Books Group
Publish Date: 5-Jan-2001
Country of Publication: United States
Books By Author Rachel Weber
Oxford Handbook of Urban Planning, Paperback (July 2015)
The Oxford Handbook of Urban Planning is an authoritative volume on planning, a long-established professional social science discipline in the U.S. and throughout the world.
Technology and Society, Paperback (November 2008)» View all books by Rachel Weber
An anthology of writings by thinkers ranging from Freeman Dyson to Bruno Latour that focuses on the interconnections of technology, society, and values and how these may affect the future.
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Author Biography - Rachel Weber
Rachel Weber is an assistant professor at the Urban Planning and Policy Program at the University of Illinois-Chicago. She received her doctorate from Cornell University.
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