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Description
Modern corporations contribute to a wide range of
contemporary problems, including income
inequality, global warming, and the influence of
money in politics. Their relentless pursuit of
profits, though, is the natural outcome of the
doctrine of shareholder primacy. As the consensus
around this doctrine crumbles, it has become
increasingly clear that the prerogatives of
corporate governance have been improperly limited
to shareholders. It is time to examine
shareholder primacy and its attendant governance
features anew, and reorient the literature around
the basic purpose of corporations. This book
critically examines the current state of
corporate governance law and provides decisive
rebuttals to longstanding arguments for the
exclusive shareholder franchise. Reconstructing
the Corporation presents a new model of corporate
governance - one that builds on the theory of the
firm as well as a novel theory of
democratic participation - to support the
extension of the corporate franchise to employees.
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Reconstructing the Corporation Reprint Edition