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Series:   Elements in Reinventing Capitalism

Private Equity and the Demise of the Local

The Loss of Community Economic Power and Autonomy

Published online by Cambridge University Press:  03 May 2024

Maryann Feldman  and
Martin Kenney
Maryann Feldman
Affiliation:
University of North Carolina
Martin Kenney
Affiliation:
University of California

Summary

Capitalism is a powerful engine that requires finance. Private equity is part of the neoliberal transformation of capitalism that has failed the average citizen and unleashed a tsunami of leveraged acquisitions that have destroyed entire sectors of our economy. Private equity has become a powerful force that has moved from restructuring industrial firms to buying up just about any economic activity in local communities that has assets that can be monetized, without any consideration of the impact on the quality of life and well-being of the community. Th a process has been aided and abetted by government policy. The authors of this Element explain the workings of the private equity model and the reasons it has been so profitable. They document the effects of PE on firms and communities by examining a range of activities that once had a local focus. They conclude by offering policy recommendations.
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Keywords

private equitylocal economic developmentpolicy preemptionsubtraction effectfinance
Type
Element
Information
Series: Elements in Reinventing Capitalism
Online ISBN: 9781009321853
Publisher: Cambridge University Press
Print publication: 23 May 2024

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