A History of Corporate Governance around the World: Family Business Groups to Professional Managers (National Bureau of Economic Research Conference Report)

For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As __A History of Corporate Governance around the World__ shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. __A History of Corporate Governance around the World__ provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden. Contents......Page 10 Preface - The Global History of Corporate Governance: An Introduction - Randall K. Morck and Lloyd Steier......Page 14 1. The Rise and Fall of the Widely Held Firm: A History of Corporate Ownership in Canada - Randall K. Morck, Michael Percy, Gloria Y. Tian, and Bernard Yeung Comment: Jordan Siegel......Page 78 2. The History of Corporate Ownership in China: State Patronage, Company Legislation, and the Issue of Control - William Goetzmann and Elisabeth Köll Comment: Dwight H. Perkins......Page 162 3. Corporate Ownership in France: The Importance of History - Antoin E. Murphy Comment: Daniel Raff......Page 198 4. The History of Corporate Ownership and Control in Germany - Caroline Fohlin Comment: Alexander Dyck......Page 236 5. The Evolution of Concentrated Ownership in India: Broad Patterns and a History of the Indian Software Industry - Tarun Khanna and Krishna G. Palepu Comment: Ashoka Mody......Page 296 6. The History of Corporate Ownership in Italy - Alexander Aganin and Paolo Volpin Comment: Daniel Wolfenzon......Page 338 7. A Frog in a Well Knows Nothing of the Ocean: A History of Corporate Ownership in Japan - Randall K. Morck and Masao Nakamura Comment: Sheldon Garon......Page 380 8. Financing and Control in The Netherlands: A Historical Perspective - Abe de Jong and Ailsa Röell Comment: Peter Högfeldt......Page 480 9. The History and Politics of Corporate Ownership in Sweden - Peter Högfeldt Comment: Ailsa Röell......Page 530 10. Spending Less Time with the Family: The Decline of Family Ownership in the United Kingdom - Julian Franks, Colin Mayer, and Stefano Rossi Comment: Barry Eichengreen......Page 594 11. Why Has There Been So Little Block Holding in America? - Marco Becht and J. Bradford DeLong Comment: Richard Sylla......Page 626 Contributors......Page 680 Author Index......Page 684 Subject Index......Page 692

For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong.

In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families.

A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.

Rise And Fall Of The Widely Held Firm / Randall K. Morck [and Others] -- History Of Corporate Ownership In China / William Goetzmann And Elisabeth Köll -- Corporate Ownership In France / Antoin E. Murphy -- History Of Corporate Ownership And Control In Germany / Caroline Fohlin -- Evolution Of Concentrated Ownership In India / Tarun Khanna And Krishna G. Palepu -- History Of Corporate Ownership In Italy / Alexander Aganin And Paolo Volpin -- Frog In A Well Knows Nothing Of The Ocean / Randall K . Morck And Masao Nakamura -- Financing And Control In The Netherlands / Abe De Jong And Ailsa Röell -- History And Politics Of Corporate Ownership In Sweden / Peter Hö̈gfeldt -- Spending Less Time With The Family / Julian Franks [and Others] -- Why Has There Been So Little Block Holding America? / Marco Becht And J. Bradford Delong. Edited By Randall K. Morck. Includes Bibliographical References And Indexes. Is capitalism a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking? Or does it only concentrate power and wealth in the hands of a few hereditary oligarchies? In "A History of Corporate Governance around the World", distinguished economists present new empirical research that suggests that each side of the debate has something to offer the other. The contributors argue that free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But their research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. In A History of Corporate Governance around the World, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. The contributors argue that free enterprise and well-developed financial systems are proven