The rise of fiduciary capitalism

"The Rise of Fiduciary Capitalism chronicles the rise of fiduciary institutions - primarily public and private pension funds - which now own almost 50 percent of the equity of American corporations. In turn approximately 50 percent of Americans either own stock individually or more typically have an ownership or retirement interest in these instructions. Hawley and Williams argue that, because of their extensive diversification of ownership, fiduciary institutions have become "universal owners" with a significant stake in a broad cross-section of the largest publicly traded firms in the economy."--BOOK JACKET.