This is a good point and I think it explains a sea change in US business. In the late 80s, business went from being pretty clubby and centrally planned (think b

This is a good point and I think it explains a sea change in US business. In the late 80s, business went from being pretty clubby and centrally planned (think big 4 auto companies, lots of union control, with big cross-industry labor bargains) to being a lot more competitive, with shareholders getting a lot more power. Offhand I think it's a combination of globalization (requiring businesses to be "tougher") of both capital and customers, the increasing financialization of the US economy, and the birth of modern PE firms and other activists capable of putting more pressure on admittedly pretty lazy and nest-feathering managers. (Have you watched Mad Men? Two martini lunches? I wouldn't want employees at my company doing that!)