William Lazonick is a professor at the University of Massachusetts Lowell where he directs the Center for Industrial Competitiveness, and co-founder and president of The Academic-Industry Research Network (theAIRnet). He is also affiliated with the University of Bordeaux and the University of Ljubljana, and collaborates extensively on research in Europe. Previously, Lazonick was Assistant and Associate Professor of Economics at Harvard University, Professor of Economics at Barnard College of Columbia University, and Visiting Scholar and then Distinguished Research Professor at INSEAD. Lazonick holds a B.Com degree from the University of Toronto (1968), a M.Sc. degree in economics from the London School of Economics (1969), and a Ph.D. degree in economics from Harvard University (1975). In 1991 Uppsala University awarded him an honorary doctorate for his work on the theory and history of economic development. He is the author or editor of twelve books, including Competitive Advantage of the Shop Floor (Harvard University Press, 1990) and Business Organization and the Myth of the Market Economy (Cambridge University Press, 1991), and more than 100 academic articles. His latest book, Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States (Upjohn Institute for Employment Research 2009) has been awarded the 2010 Schumpeter Prize by the International Schumpeter Society. Currently Lazonick is directing an international project on financial institutions for innovation and development, funded by the Ford Foundation, and a project on the stock market and innovative enterprise funded by the Institute of New Economic Thinking.