The American corporation today : [examining the questions of power and efficiency at the century's end

Not since Edward Mason's classic book The Corporation in Modern Society appeared in 1959 has anyone compiled an authoritative overview of the American business firm. Such a survey is now clearly overdue, for in the last thirty years both the corporation and the business environment has changed radically. In The American Corporation Today, Carl Kaysen and nineteen top business experts from around the country provide a much-needed analysis of American corporate life at the end of the century. Here is the American corporation from every angle--its postwar history, its relation to the law, its financing, its impact on technological innovation, its role as employer and as political force, and much more. The contributors--all of whom are recognized experts in their fields--not only tackle many of the same key areas that the contributors to Mason's classic study looked at, but they also illuminate issues that have only arisen in recent years. For instance, Raymond Vernon describes the increasing globalization of American business, where the net income from operations outside the U.S. is now nearly half of that from domestic operations (as opposed to one-tenth in the 1950s). James Q. Wilson traces how the corporation has become a full-time political actor, showing how it reinvented its political strategy and tactics in the 1960s in the face of a wave of new consumer, environmental, and worker health legislation. Gregory Acs and Eugene Steuerle show how the corporation promotes the commonweal, acting as agent for the employee in purchasing pension, health, and other welfare benefit plans, while Lester Thurow casts a critical eye at the decline of median real wages of American males over the last twenty years (never before have a majority of American workers suffered real wage reductions while the real per capita gross domestic product was increasing). In other pieces, corporate finance experts Charles Calomiris and Carlos Ramirez advocate removing legal constraints on financial institutions that prevent them from providing the full range of business financing from short-term debt to equity, Michael Useem looks at the rise of education and training as a vexing corporate issue, and Barbara Bergmann discusses the increasingly diverse work force, arguing that ending bias is in the corporation's best interest. And finally Neil Harris provides a fascinating discussion of architecture, exploring how companies have become the principle patrons of important architecture since the 1950s. Vital to everyone concerned with American big business today, this collection is sure to become the new standard upon which future studies of the corporation will be built. In The American Corporation Today, Carl Kaysen And Other Leading Students Of Business And Markets From Around The Country Provide A Much-needed Analysis Of American Corporate Life At The End Of The Century. Here Is The American Corporation From Every Angle - Its Postwar History, Its Relation To The Law, Its Financing, Its Impact On Technological Innovation, Its Role As Employer And As Political Force, And Much More. The Contributors - All Of Whom Are Recognized Experts. In Their Fields - Not Only Tackle Many Of The Same Key Areas That The Contributors To Mason's Classic Study Looked At, But They Also Illuminate Issues That Have Only Arisen In Recent Years. For Instance, Raymond Vernon Describes The Increasing Globalization Of American Business, Where The Net Income From Operations Outside The U.s. Is Now Nearly Half Of That From Domestic Operations (as Opposed To One-tenth In The 1950s). James Q. Wilson Traces How The Corporation Has. Become A Full-time Political Actor, Showing How It Reinvented Its Political Strategy And Tactics In The 1960s In The Face Of A Wave Of New Consumer, Environmental, And Worker Health Legislation. Gregory Acs And Eugene Steuerle Show How The Corporation Promotes The Commonweal, Acting As Agent For The Employee In Purchasing Pension, Health, And Other Welfare Benefit Plans, While Lester Thurow Casts A Critical Eye At The Decline Of Median Real Wages Of American Males Over. The Last Twenty Years (never Before Have A Majority Of American Workers Suffered Real Wage Reductions While The Real Per Capita Gross Domestic Product Was Increasing). In Other Pieces, Corporate Finance Experts Charles Calomiris And Carlos Ramirez Advocate Removing Legal Constraints On Financial Institutions That Prevent Them From Providing The Full Range Of Business Financing From Short-term Debt To Equity, Michael Useem Looks At The Rise Of Education And Training As A. Vexing Corporate Issue, And Barbara Bergmann Discusses The Increasingly Diverse Work Force, Arguing That Ending Bias Is In The Corporation's Best Interest. And Finally Neil Harris Provides A Fascinating Discussion Of Architecture, Exploring How Companies Have Become The Principle Patrons Of Important Architecture Since The 1950s. Introduction And Overview / Carl Kaysen -- Rise And Transformation Of The American Corporation / George David Smith, Davis Dyer -- How American Is The American Corporation? / Raymond Vernon -- From Antitrust To Corporation Governance? The Corporation And The Law: 1959-1994 / Mark J. Roe -- Financing The American Corporation: The Changing Menu Of Financial Relationships / Charles W. Calomiris, Carlos D. Ramirez -- U.s. Corporation And Technical Progress / David C. Mowery, Richard R. Nelson -- American Corporation As An Employer: Past, Present, And Future Possibilities / Thomas A. Kochan -- Corporation Faces Issues Of Race And Gender / Barbara R. Bergmann -- Corporate Education And Training / Michael Useem -- Modern Corporation As An Efficiency Instrument: The Comparative Contracting Perspective / Oliver E. Williamson, Janet Bercovitz -- Corporation As A Dispenser Of Welfare And Security / Gregory Acs, Eugene Steuerle -- Almost Everywhere: Surging Inequality And Falling Real Wages / Lester Thurow -- Architecture And The Business Corporation / Neil Harris. Edited By Carl Kaysen. Includes Bibliographical References And Index. Not since Edward Mason's classic book The Corporation in Modern Society appeared in 1959 has anyone compiled an authoritative overview of the American business firm. Such a survey is now clearly overdue, for in the last thirty years both the corporation and the business environment has changed radically. In The American Corporation Today , Carl Kaysen and other leading students of business and markets from around the country provide a much-needed analysis of American corporate life at the end of the century. Here is the American corporation from every angle--its postwar history, its relation to the law, its financing, its impact on technological innovation, its role as employer and as political force, and much more. The contributors--all of whom are recognized experts in their fields--not only tackle many of the same key areas that the contributors to Mason's classic study looked at, but they also illuminate issues that have only arisen in recent years. For instance, Raymond Vernon describes the increasing globalization of American business, where the net income from operations outside the U.S. is now nearly half of that from domestic operations (as opposed to one-tenth in the 1950s). James Q. Wilson traces how the corporation has become a full-time political actor, showing how it reinvented its political strategy and tactics in the 1960s in the face of a wave of new consumer, environmental, and worker health legislation. Gregory Acs and Eugene Steuerle show how the corporation promotes the commonweal, acting as agent for the employee in purchasing pension, health, and other welfare benefit plans, while Lester Thurow casts a critical eye at the decline of median real wages of American males over the last twenty years (never before have a majority of American workers suffered real wage reductions while the real per capita gross domestic product was increasing). In other pieces, corporate finance experts Charles Calomiris and Carlos Ramirez advocate removing legal constraints on financial institutions that prevent them from providing the full range of business financing from short-term debt to equity, Michael Useem looks at the rise of education and training as a vexing corporate issue, and Barbara Bergmann discusses the increasingly diverse work force, arguing that ending bias is in the corporation's best interest. And finally Neil Harris provides a fascinating discussion of architecture, exploring how companies have become the principle patrons of important architecture since the 1950s. Vital to everyone concerned with American big business today, this collection is sure to become the new standard upon which future studies of the corporation will be built. Contents......Page 6 Foreword......Page 8 Contributors......Page 10 1. Introduction and Overview......Page 14 2. The Rise and Transformation of the American Corporation......Page 39 3. How American Is the American Corporation?......Page 85 4. From Antitrust to Corporation Governance? The Corporation and the Law: 1959-1994......Page 113 5. Financing the American Corporation: The Changing Menu of Financial Relationships......Page 139 6. The U.S. Corporation and Technical Progress......Page 198 7. The American Corporation as an Employer: Past, Present, and Future Possibilities......Page 253 8. The Corporation Faces Issues of Race and Gender......Page 280 9. Corporate Education and Training......Page 303 10. The Modern Corporation as an Efficiency Instrument: The Comparative Contracting Perspective......Page 338 11. The Corporation as a Dispenser of Welfare and Security......Page 371 12. Almost Everywhere: Surging Inequality and Falling Real Wages......Page 394 13. The Corporation as a Political Actor......Page 424 14. Architecture and the Business Corporation......Page 447 A......Page 498 C......Page 499 F......Page 502 H......Page 503 J......Page 504 M......Page 505 N......Page 506 P......Page 507 R......Page 508 S......Page 509 U......Page 510 W......Page 511 Z......Page 512