Steven Pearlstein

Steven Pearlstein is a Pulitzer Prize-winning columnist for The Washington Post and a professor of public affairs at George Mason University. 

Recent Articles

When Shareholder Capitalism Came to Town

The rise in inequality can be blamed on the shift from managerial to shareholder capitalism.

Jason Schneider
I t was only 20 years ago that the world was in the thrall of American-style capitalism. Not only had it vanquished communism, but it was widening its lead over Japan Inc. and European-style socialism. America’s companies were widely viewed as the most innovative and productive, its capital markets the most efficient, its labor markets the most flexible and meritocratic, its product markets the most open and competitive, its tax and regulatory regimes the most accommodating to economic growth. Today, that sense of confidence and economic hegemony seems a distant memory. We have watched the bursting of two financial bubbles, struggled through two long recessions, and suffered a lost decade in terms of incomes of average American households. We continue to rack up large trade deficits even as many of the country’s biggest corporations shift more of their activity and investment overseas. Economic growth has slowed, and the top 10 percent of households have captured whatever productivity...