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The Twilight of the Berle and Means Corporation

In: Shareholder Empowerment

Author

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  • Gerald Davis

Abstract

During the five decades after Berle and Means published The Modern Corporation and Private Property in 1932, their analysis became the dominant understanding of the American corporation. Social scientists, policymakers, and the broader interested public knew about the separation of ownership and control, the potentially fraught relations between shareholders and managers, and the image of the corporation as a social institution. Berle and Means’s view of an economy dominated by a handful of ever-larger corporations run by an unaccountable managerial class inspired scholarship from sociologists (who were convinced they were right) to financial economists (who wanted to prove them wrong) to lawyers (who contemplated the rights and obligations implied by this system).

Suggested Citation

  • Gerald Davis, 2015. "The Twilight of the Berle and Means Corporation," Palgrave Macmillan Books, in: Maria Goranova & Lori Verstegen Ryan (ed.), Shareholder Empowerment, chapter 0, pages 155-168, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37393-9_7
    DOI: 10.1057/9781137373939_7
    as

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