Innovative Enterprise and Sustainable Prosperity
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This research project seeks to understand the social conditions that underpin the ability of national economies to generate equitable and stable economic growth. In particular, we focus on the ways in which different “business models” – characterized by certain types of investment strategies, organizational structures, and financial relations – support or undermine sustainable prosperity.
In October 2009 the Upjohn Institute for Employment Research published William Lazonick’s book, "Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States". The introduction and table of contents of the book are available for download.
Recent papers by William Lazonick that build on the analysis in this book include:
"The New Economy Business Model and the Crisis of US Capitalism," Capitalism and Society, 4, 20, 2009;
and
“The Explosion(s) of Executive Pay and the Erosion of American Prosperity,” Entreprises et Histoire, forthcoming.
This research project reflects Professor Lazonick’s research over the past decade, begun when, from 1999 to 2002, he directed a European Commission Targeted Socio-Economic Research project, Corporate Governance, Innovation, and Economic Performance (CGEP), while on the faculty of INSEAD (the European Institute of Business Administration) in Fontainebleau, France.
Subsequently, from 2004 to 2007, still at INSEAD, Lazonick was a participant in the European Commission’s collaborative project, European Socio-Economic Models of a Knowledge-Based Society (ESEMK), under the leadership of Professor Yannick Lung of Université Montesquieu Bordeaux IV
(http://leda.univ-evry.fr/esemk/partiepublic/Proposeandcontent.htm)
Lazonick currently is a participant, affiliated with Bordeaux IV, in the European Commission’s collaborative project, Finance, Innovation, and Growth (FINNOV), under the leadership of Mariana Mazzucato of The Open University (http://www.finnov-fp7.eu/).
In May 2009, Professors Lazonick and Mazzucato ran a conference on Financial Institutions and Economic Security, sponsored by the Centre for Innovation, Knowledge, and Development of The Open University and FINNOV. Details on the conference, including papers and policy briefs, can be found at here.
Professor Lazonick has been awarded a grant from the Ford Foundation to run a research project on Financial Institutions for Innovation and Development.
On April 22-23, Professor Lazonick is running a conference, in collaboration with Professor William Milberg of the New School for Social Research, on The US Corporation in the Recovery and Beyond.