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.
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