DOWNSIZING TO CORPORATE ANOREXIA WHILE DISMANTLING THE MIDDLE CLASS: ARE WE IN DANGER OF RECREATING THE 1920S?

Thomas R. Winpenny

Abstract


Corporate downsizing has run rampant on the American scene during the 1990s. Indeed, Business Week claimed it had become a fad. Ironically, the new “lean and mean” look did not apply to CEO compensation packages. More critically, corporate downsizing hurt middle class purchasing power. The Big Lie that emerged from this was that America could dismantle the middle class and have a booming economy. Much of this reasoning sounds, sadly enough, like the thinking so prevalent in the 1920s.

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