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The Public Company Transformed$
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Brian Cheffins

Print publication date: 2018

Print ISBN-13: 9780190640323

Published to Oxford Scholarship Online: November 2018

DOI: 10.1093/oso/9780190640323.001.0001

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Managerial Capitalism

Managerial Capitalism

(p.39) 2 Managerial Capitalism
The Public Company Transformed

Brian R. Cheffins

Oxford University Press

This chapter focuses on managerial capitalism, which prevailed in large American public companies from the end of World War II until the 1980s. The chapter opens by summarizing managerial capitalism’s key features. Managerial capitalism’s rise to prominence is explored next. The superseding of “financial capitalism” is described and reasons that a divorce between the ownership of shares and managerial control became the norm in large firms are canvassed. The remainder of the chapter describes the nature of managerial capitalism during its 1950s and 1960s heyday. Particular emphasis is placed on explaining why corporate wrongdoing was a rarity despite seemingly wide discretion being bestowed upon public company executives.

Keywords:   financial capitalism, ownership and control, managerial capitalism, securities law, organization man, corporate social responsibility, directors, shareholders, unions

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