6. A nation of shareholders

1 Margaret Thatcher, speech to Conservative Central Council, Felixstowe, 15 March 1986.

2Edward N. Wolff, ‘Household Wealth Trends in the United States, 1962 to 2016: Has Middle Class Wealth Recovered?’, NBER Working Paper No. 24085, November 2017.

3 Edward N. Wolff, ‘Household Wealth Trends’.

4 For a summary of the research see: https://www.sharesoc.org/investor-academy/advanced-topics/uk-stock-market-statistics/ (accessed January 2020).

5 Paul Grout, William Megginson and Anna Zalewska, ‘One Half-Billion Shareholders and Counting-Determinants of Individual Share Ownership Around the World’, paper delivered at the 22nd Australasian Finance and Banking Conference, December 2009.

6 Julia Kollewe, ‘Philip Green defends his record on BHS’, The Guardian, 15 April 2018.

7 Commons Select Committee report, Leadership failures and personal greed led to collapse of BHS, published 25 July 2016.

8 Marc T. Moore, ‘A Necessary Social Evil: The Indispensability of the Shareholder Value Corporation’ (June 1, 2016). University of Cambridge Faculty of Law Research Paper No. 25, published June 2016.

9 See their website https://shareaction.org/about-us/ (accessed January 2020).

10 Tomorrow’s Company, Promoting long-term wealth: Reshaping corporate governance, report for the All-party parliamentary Corporate Governance Group, APPG, 2017; Chris Flood, ‘Value of global pension assets surges to $41.3tn’, Financial Times, 5 February 2018.

11 Thomas Kochan, Shaping the Future of Work: What Future Worker, Business, Government, and Education Leaders Need To Do For All To Prosper, Business Expert Press, 2015, p. 19.

12 Mathew Lawrence, ‘Corporate Governance Reform: Turning business towards long-term success’, IPPR Commission on Economic Justice discussion paper, July 2017.

13‘Reward Work, Not Wealth’, Oxfam briefing paper, January 2018.

14 William Lazonick, ‘Labor in the Twenty-First Century: The Top 0.1% and the Disappearing Middle-Class’, Institute for New Economic Thinking, Working Paper Series No. 4, 1 February 2015.

15Justin Fox and Jay W. Lorsch, ‘What Good Are Shareholders?’, Harvard Business Review, 2012, July-August.

16 Jeffrey M. Jones, ‘U.S. Stock Ownership Down Among All but Older, Higher-Income’, Gallup News, 24 May 2017.

17 Transamerica Center for Retirement Studies, Here and Now: How Women Can Take Control of Their Retirement, survey report published 5 March 2018.

18 The National Center for Transgender Equality, quoted by Inequality.org, a project of the Institute for Policy Studies, in ‘Economic Inequality Across Gender Diversity’, available at: https://inequality.org/gender-inequality/ (accessed January 2020).

19 Judith Warner and Danielle Corley, ‘The Women’s Leadership Gap’, Center for American Progress, 21 May 2017.

20 See Edward N. Wolff, ‘Household Wealth Trends’; Edward N. Wolff, ‘The Decline of African-American and Hispanic Wealth since the Great Recession’, NBER Working Paper No. 25198, October 2018.

21 See Edward N. Wolff, ‘Household Wealth Trends’.

22 William W. Bratton and Michael L. Wachter, ‘Shareholder Primacy’s Corporatist Origins: Adolf Berle and “ The Modern Corporation ”’, Journal of Corporation Law, 2008, Vol. 34, No. 1, 99 and ff.