istence ▁in ▁the ▁ 1 9 9 0 s ▁and ▁ 2 0 0 0 s ▁of ▁the ▁Japanese ▁institutions ▁of ▁stable ▁share hold ing , ▁permanent ▁employ ment , ▁and ▁main - bank ▁l ending , ▁even ▁in ▁dimin ished ▁form , ▁im part ed ▁employ ment ▁stability ▁and ▁income ▁equ ity ▁to ▁the ▁Japanese ▁economy . ▁ ▁L azon ick ▁arg ues ▁that ▁while ▁what ▁he ▁calls ▁the ▁" New - E conom y ▁Model " ▁histor ically ▁enabled ▁rapid ▁product ▁development , ▁the ▁financial ization ▁of ▁such ▁model ▁und erm ined ▁the ▁innov ative ▁cap ability ▁of ▁U . S . ▁industrial ▁enter pr ises , ▁and ▁contributed ▁to ▁employ ment ▁inst ability ▁and ▁income ▁in equ ity ▁in ▁the ▁United ▁States . ▁ ▁Over ▁the ▁past ▁several ▁years , ▁with ▁fund ing ▁from ▁the ▁Ford ▁Foundation ▁and ▁the ▁Institute ▁for ▁New ▁Econom ic ▁Th inking , ▁L azon ick ▁has ▁elabor ated ▁his ▁th esis ▁that ▁the ▁financial ized ▁U . S . ▁corpor ation ▁is ▁substantial ly ▁responsible ▁for ▁employ ment ▁inst ability ▁and ▁income ▁in equ ity ▁in ▁the ▁U . S . ▁economy . ▁ ▁He ▁arg ues ▁that ▁since ▁the ▁ 1 9 8 0 s , ▁three ▁struct ural ▁changes ▁in ▁employ ment — one ▁related ▁to ▁plant ▁clos ings , ▁the ▁second ▁to ▁the ▁end ▁of ▁the ▁norm ▁of ▁a ▁career ▁with ▁one ▁company , ▁and ▁the ▁last ▁to ▁off sh oring ▁of ▁employ ment ▁to ▁low - w age ▁nations — have