>To move from the micro to the macro, we can contrast the returns achieved by shareholders in the era of managerialism (defined here as 1940-90, although the re

>To move from the micro to the macro, we can contrast the returns achieved by shareholders in the era of managerialism (defined here as 1940-90, although the results are robust to the exact sample chosen) with those achieved in the era of SVM (1990-2014). >Given this data, the natural follow-on question is, of course, what went wrong? I don't really understand. Can you really do a comparison like this? Aren't the events that transpired during these two periods very different from one another? My layman's expectation is that WW2 and its aftermath would have a significant positive effect on the first period considered. I would also guess that globalization in the second period would have an impact due to manufacturing moving away from the US. Am I just mistaken and you can just straight up compare these two periods with one another?