Editing Index fund (section)

===Asset manager capitalism===
Benjamin Braun<ref name="Braun">{{cite journal |last1=Braun |first1=Benjamin |editor1-last=Hacker |editor1-first=J. S. |editor2-last=Hertel-Fernandez |editor2-first=A. |editor3-last=Pierson |editor3-first=P. |editor4-last=Thelen |editor4-first=K. |title=Asset Manager Capitalism as a Corporate Governance Regime |journal=American Political Economy: Politics, Markets, and Power |date=18 June 2020 |doi=10.31235/osf.io/v6gue |url=https://osf.io/preprints/socarxiv/v6gue |access-date=7 August 2024 |publisher=SocArXiv}}</ref> suggests that, since American stock ownership is concentrated on few big [[asset manager]]s which are very diversified and do not have a direct interest in the performance of the companies, this emerging "asset manager capitalism" is distinct from the earlier [[shareholder primacy]].
The asset managers usually vote with company managers.
Also, as funds invest in most companies in the sector, they would benefit from [[monopoly|monopolistic]] prices.
In an extreme case, there could be economy-wide monopolies where asset managers have "bought the economy".
In a regime of [[common ownership]], while asset ownership is diversified, it is a small part of the population who invest in funds and a top 1% of the wealth distribution owning 50% of [[corporate equity]] and mutual funds.
[[Wage stagnation]] would be an expected [[externality]].
Asset managers have an incentive to increase the assets value and influence [[monetary policy]].