Managerial Capitalism Sustained . . . But “Something Happened”
Chapter 3 addresses the 1970s, a decade when managerial capitalism continued to prevail in large American public companies but the scene was being set for its displacement. Confidence in large corporations and the executives running them suffered due to American businesses losing ground to foreign challengers, setbacks affecting prominent conglomerates, and revelations of illicit payments by numerous well-known corporations. The difficulties afflicting 1970s public companies helped to set in motion a corporate governance reform process oriented around improving managerial accountability which continues to this day. Regulation of business increased considerably during the opening half of the decade but erosion of faith in government ultimately undermined continued momentum in this direction.
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