CHAPTER 16Corporate Cannibalism

Mergers, acquisitions, and leveraged buyouts completed in 1988 cost a staggering $266 billion. . . . None of this . . . paid for as much as a single connecting bolt in a new machine . . . for an ounce of new fertilizer nor a single seed for a new crop. . . . A corporation that takes the long view of its profits and the broad view of its social responsibilities is in great danger of being acquired by an investors group that can gain financially by taking over the corporation and turning it to the pursuit of more immediate profit.

—WILLIAM M. DUGGER

Finding ways to create new value in a sophisticated modern economy is seldom easy. Finding ways to create new value that will produce returns in the amount and with the ...

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