Summary:
The book analyzes the historical shift in the American economy from a production-based system to one dominated by financial speculation, tracing the roots of this transformation to the late 19th and early 20th centuries. It examines the consequences of prioritizing shareholder value over industrial growth, detailing how this focus on finance has impacted corporate behavior and economic stability.
Key points:
1. Transition to Speculation Economy: Mitchell notes a shift from industrial production to financial speculation in the late 1800s to early 1900s, with stock markets and corporate securities becoming key for businesses.
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