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PUBLICATIONS
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BOOKS
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THE ENTREPRENEURIAL STATE (DEMOS, 2011)
by Mariana Mazzucato
The prevailing opinion on public spending is that the state must be cut back to make room for entrepreneurship and innovation, to prevent the public sector ‘crowding out’ the private sector. This draws on the belief that the private sector is dynamic, innovative and competitive, in contrast to the sluggish and bureaucratic public sector.
The Entrepreneurial State challenges this minimalist view of economic policy. It finds that successful economies result from government doing more than just creating the right conditions for growth. Instead, government has a key role to play in developing new technologies whose potential is not yet understood by the business community. State-funded organisations can be nimble and innovative, transforming economies forever — the algorithm behind Google was funded by a public sector National Science Foundation grant...
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La bataille des télécom: Vers une France numérique - The battle to build a digital France (Economica, 2011)
by Marie Carpenter
In 1967, the French telecommunications administration had less than 4 million subscribers, all of them in France. Today, France Télécom Orange has 200 million clients throughout the world. How did this small state utility become one of the world’s global telecom operators?
The transformation occurred over a period of decades but a major impetus was given by the program to provide “a telephone for all” in France in the 1970s. This initiative was launched and driven by the director general of the French telecommunication’s administration at the time, Gérard Théry. His memory of the decision to deploy the French telephone network throughout the country is one “driven by politics. It was a deliberate act of industrial policy, along with the Ariane rocket launch, nuclear power and the TGV fast-train network”. Two other major decisions taken at that time involved the complete digitalization of the telecommunications networks and the launch of the Minitel, the French telematics eco-system. France thus pioneered the era of the digital society.
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RUN OF THE RED QUEEN
Government, Innovation, Globalization, And Economic Growth in China (Yale University Press, 2011)
by Dan Breznitz and Michael Murphree
Few observers are unimpressed by the economic ambition of China or by the nation's remarkable rate of growth. But what does the future hold?
This meticulously researched book closely examines the strengths and weaknesses of the Chinese economic system to discover where the nation may be headed and what the Chinese experience reveals about emerging market economies. The authors find that contrary to popular belief, cutting edge innovation is not a prerequisite for sustained economic vitality—and that China is a perfect case in point...
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SUSTAINABLE PROSPERITY IN THE NEW ECONOMY?
Business Organization and High-Tech Employment in the United States (Upjohn Institute Press, 2009).
by William Lazonick
Over the past three decades, the information and communication technology (ICT) industries have propelled the growth of the U.S.economy. In the process there has been a dramatic transformation in the dominant mode of business organization that characterizes ICT, as the "New Economy business model" (NEBM) has replaced the "Old Economy business model" (OEBM). And although NEBM has been central to the microelectronics revolution, it has also been a source of employment instability and inequity in the distribution of income. Lazonick explores the origins of the new era of employment insecurity and income inequality, and considers what governments, businesses, and individuals can do about it. He also asks whether the United States can refashion its high-tech business model to generate stable and equitable economic growth...
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Journal Articles
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William Lazonick and Edward March, "The Rise and Demise of Lucent Technologies", Business and Economic History On-Line, Volume 9, 2011
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William Lazonick and Öner Tulum, "US Biopharmaceutical Finance and the Sustainability of the Biotech Business Model", Research Policy, 40, 2011
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William Lazonick, "The Explosion of Executive Pay and the Erosion of American Prosperity"
Entreprises et Histoire, 57, 2010
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Dan Breznitz and Michael Murphree, "Run of the Red Queen: How China Innovates"
China Economic Quarterly, September 2010
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William Lazonick, "The New Economy Business Model and the Crisis of US Capitalism”
Capitalism and Society, 4, 2, 2009
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Book Chapters
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William Lazonick and Ebru Bekaslan, “Transnational Corporations”, in Mark Juergensmeyer and Helmut K. Anheier, eds., Encyclopedia of Global Studies, Sage, 2012.
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William Lazonick, “The Fragility of the US Economy: The Financialized Corporation and the Disappearance of the Middle Class,” in Dan Breznitz and John Zysman, eds., Can Wealthy Nations Stay Rich? Oxford University Press, 2012 [A condensed version of the paper is available under the title, “Reforming the Financialized Industrial Corporation”, posted on the Employment Policy Research Network website: http://employmentpolicy.org/]
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William Lazonick, “In the Name of Shareholder Value: How Executive Pay and Stock Buybacks are Damaging the US Economy,” in Thomas Clarke and Douglas Branson, eds. Handbook of Corporate Governance, Sage, 2012.
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William Lazonick, “Why Executive Pay Matters to Innovation and Inequality,” in Cynthia Williams and Peer Zumbansen, eds., The Embedded Firm: Labour, Corporate Governance, and Finance Capitalism, Cambridge University Press, 2011: 413-439.
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William Lazonick, “From Innovation to Financialization: How Shareholder Value is Destroying the U.S. Economy, in Gerald Epstein and Martin H Wolfson, eds., The Political Economy of Financial Crises, Oxford University Press, forthcoming.
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“Corporate Governance, Innovative Enterprise, and Executive Pay,” in Michael Dietrich and Jackie Krafft, eds., Handbook on the Economics and Theory of the Firm, Edward Elgar, forthcoming.
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William Lazonick, “Alfred Chandler’s Managerial Revolution: Developing and Utilizing Productive Resources,” in William Lazonick and David J. Teece, eds., Management Innovation: Essays in the Spirit of Alfred D. Chandler, Jr., Oxford University Press, forthcoming; reprinted in Malcolm Warner and Morgen Witzel, eds., Oxford Handbook of Management Theorists, Oxford University Press, forthcoming.
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William Lazonick, “The Chandlerian Corporation and the Theory of Innovative Enterprise,” in William Lazonick and David J. Teece, eds., Management Innovation: Essays in the Spirit of Alfred D. Chandler, Jr., Oxford University Press, forthcoming.
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William Lazonick, “The Theory of Innovative Enterprise: Methodology, Ideology, Institutions,” in Jamee K. Moudud , Cyrus Bina and Patrick L. Mason, eds., Alternative Theories of Competition: Challenges to the Orthodoxy, Routledge, forthcoming.
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Conference Presentations & Proceedings
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William Lazonick, "Who Needs a Theory of Innovative Enterprise?," paper presented at the conference of the International Schumpeter Society, University of Queensland, July 2-5, 2012.
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William Lazonick, "Financialization of the US Corporation: What We Have Lost, and How It Can be Regained", paper presented at the conference on The Future of Financial/Securities Markets, Seattle University School of Law, held at the University of London, UK, June 15, 2012.
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William Lazonick and Yin Li, “China’s Path to Indigenous Innovation,” paper presented at the annual conference of the Society for the Advancement of Socio-Economics, MIT, June 28, 2012.
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Pelin Demirel, Mariana Mazzucato, Stuart Parris, Alan Shipman, Roberto Simonetti, Massimiliano Tancioni, “Insights from: SELECTION WP 2: Co-Evolution of Industry Dynamics and Financial Dynamics,” presentation at the FINNOV Final Conference on Financing Innovation and Growth: Reforming a Dysfunctional System, London, Feby 1-2, 2012.
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William Lazonick, “Impatient Capital in US Economy,” presentation at the FINNOV Final Conference on Financing Innovation and Growth: Reforming a Dysfunctional System, London, February 1-2, 2012.
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Nina Shapiro and William Milberg, Implications of the Recent Financial Crisis for Innovation, paper presented at ASSA meetings, Chicago, Illinois, January 8, 2012.
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William Lazonick, “Impatient Capital in US Industry,” presentation at the International Conference on Regulating Finance for Economic Development, International College of Renmin University of China, Suzhou, China, December 19-20, 2011.
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Henrik Glimstedt, “Ericsson, 1990-2010: A Study in Patient Capital,” presentation at the International Conference on Regulating Finance for Economic Development, International College of Renmin University of China, Suzhou, China, December 19-20, 2011.
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Kaidong Feng and Qunhong Shen, “The evolution of firms and their resource allocation for innovation: The impacts of institutional change,” presentation at the International Conference on Regulating Finance for Economic Development, International College of Renmin University of China, Suzhou, China, December 19-20, 2011.
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William Lazonick, “Corporate Resource Allocation for a Prosperous Economy: Why Those Jobless Recoveries Won’t Go Away,” paper contributed to the project on “Innovation and Production: Reviving U.S. Prosperity” of the CONNECT Innovation Institute, San Diego, December 2011.
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Marie Carpenter and William Lazonick, "Alcatel-Lucent as a Global Competitor", will be presented at the annual meeting of the Industry Studies Association, Pittsburgh, May 31-June 3, 2011.
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Jyrki Ali-Yrkkö, Petri Rouvinen, and Timo Seppälä, "Nokia and the Evolution of Cellular Telephony", will be presented at the annual meeting of the Industry Studies Association, Pittsburgh, May 31-June 3, 2011
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Henrik Glimstedt, "The Resurgence of Ericsson and the Emergence of Huawei",will be presented at the annual meeting of the Industry Studies Association, Pittsburgh, May 31-June 3, 2011
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William Lazonick, “The Innovative Enterprise and the Developmental State: Toward an Economics of ‘Organizational Success’,” Institute for New Economic Thinking AnnualConference: “Crisis and Renewal: International Political Economy at the Crossroads,”MountWashington Hotel, BrettonWoods, NH, April 8-11, 2011.
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Yin Li, “Firm strategy, financial institutions and industrial development: business organizations in the Chinese semiconductor industry,” paper presented at the International Conference on Financialization, Financial Systems and Economic Development, November 9, 2010, Beijing, Renmin University of China.
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Rong Wang and Fenglin Zhang, “Research on technology innovation of the large state-owned manufacturing enterprises in China: Case studies on Shenyang Machine Tool Co. Ltd. and Shenyang Blower Works Group Co. Ltd.,” paper presented at the International Conference on Financialization, Financial Systems and Economic Development, November 9, 2010, Beijing, Renmin University of China.
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Kaidong Feng and Qunhong Shen, “Reform of firms and resource allocation for innovation: the case of the Chinese power equipment industry,” paper presented at the International Conference on Financialization, Financial Systems and Economic Development, November 9, 2010, Beijing, Renmin University of China [A version of this paper was published as “From Production Capacity to Technological Capability: An Institutional and Organisational Perspective,” International Journal of Technology Management, 51, 2-4, 2010].
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Reports
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Tea Petrin, "Final Report of the Synergies Expert Group", Expert Group on Synergies Between FP7, CIP and the Cohesion Policy Fund: Synergies Expert Group (SEG), June 2011. (co-authored)
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Tea Petrin, "European Cluster Policy Group Final Recommendations - A Call for Policy Action", European Cluster Policy Group, September 2010. (co-authored)
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Others
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Yifei Sun in collaboration with 12 scholars including William Lazonick and Yu Zhou, “Chinese Ways of Innovation and the Challenges of Understanding Research and Innovation in the 21st Century,” 2020 Vision White Paper to the National Science Foundation, August 2010.
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William Milberg, "Global Value Chains: Governance and Policy Implications" Post- Hearing Statement to the U.S. International Trade Commission Pursuant to Investigation No.332- 325, The Economic Effects of Significant Import Restraints: Seventh Update, December 20th, 2010.
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