Don't Blame Corporations; Blame Their Disappearance

The Occupy protesters blamed corporations for income inequality, decreased upward mobility, and increased economic insecurity, but in fact it's the collapse of the traditional public corporation that's largely to blame for those ills, says Jerry Davis of the University of Michigan. The number of companies listed on U.S. stock exchanges dropped from nearly 9,000 in 1997 to about 4,100 in 2012. Under pressure from shareholders and low-cost competitors, many of those remaining find it's too expensive to provide long-term employment, health benefits, or retirement security.