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University of Massachusetts Lowell professor of economics, William Lazonick, recently co-authored a paper published in the Institute for New Economic Thinking, showing "General Motors once had the technology, talent, and partnership to lead the electric-vehicle revolution. Instead, it abandoned the EV1 and its battery venture while pouring billions into stock buybacks, helping turn an early American lead into decades of technological dependence." Lazonick suggests that stock buy-backs are the primary cause of the increased disparity of wealth in recent decades.
