A man looks at a board showing graphs of Japan's stock price indexes outside a brokerage in Tokyo June 5, 2012. (Reuters/Toru Hanai)

Paper | The Initiative on 21st Century Capitalism

Stock buybacks: From retain-and reinvest to downsize-and-distribute

April 17, 2015, William Lazonick

According to a new report from William Lazonick, corporate resource-allocation at many, if not most, major U.S. business corporations has transitioned from “retain-and-reinvest” to “downsize-and-distribute,” leading to the concentration of income among the richest households and the disappearance of middle-class employment opportunities in the United States over the past three decades.

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