The Rise of Fiduciary Capitalism: How Institutional Investors Can Make Corporate America More Democratic
James P. Hawley
At the beginning of the twenty-first century, the structure of corporate ownership is undergoing major change. The Rise of Fiduciary Capitalism chronicles the rise of fiduciary institutions—primarily public and private pension funds—which now own almost 50 percent of the equity of American corporations. In turn, approximately 50 percent of Americans either own stock individually or, more typically, have an ownership or retirement interest in these fiduciary institutions.
James P. Hawley and Andrew T. Williams argue that, because of their extensive diversification of ownership, fiduciary institutions have become "universal owners" with a significant stake in a broad cross-section of the ... Read more
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Enterprise and Society