Your analysis is on target. I have worked for three different companies that started out on track. Initially, the owner(s) value their people. The company grows. Profit margins expand. Over time the greed factor kicks in. Greater demand, tighter control is placed on the employees.Pay increases disappear, capital investment is cutback. Things begin to stagnate. The blame falls on the employees. They have become apathetic. Incentive is gone. I am not a business owner. But I am an observer of human nature. I have sat in management meetings and listened to management cast blame on the workers.