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Full-Text Articles in Law
Property And Political Community: Democracy, Oligarchy, And The Case Of Ukraine, Monica E. Eppinger
Property And Political Community: Democracy, Oligarchy, And The Case Of Ukraine, Monica E. Eppinger
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Widening wealth gaps in Western democracies have brought new scrutiny to relationships between property and political community. For the prior quarter century, Western legal scholars have urged privatization around the globe as the key to a virtuous circle of "market democracy." This Article traces origins of the market democracy consensus to ideas that identify positive features of political community -- liberty, wealth, or democracy -- with private property ownership. Fieldwork in Ukraine, where Western privatization advice was followed at a time of founding a new polity, provides data to compare predictions with outcomes. Two unexpected figures -- the Oligarch and …
The False Promise Of One Share, One Vote, Grant M. Hayden, Matthew T. Bodie
The False Promise Of One Share, One Vote, Grant M. Hayden, Matthew T. Bodie
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Shareholder democracy has blossomed. The once moribund shareholder franchise is now critical in takeover contests, merger decisions, and board oversight. However, the mechanisms of this vote remain largely under theorized. In this Article, we use voting rights and social choice theory to develop a new approach to the corporate franchise. Political democracies typically tie the right to vote to the level of a person's interest in the outcome of the election. Corporate democracies, on the other hand, tend to define the requisite institutional interest quite narrowly, and thus restrict the right to vote to shareholders alone. This restriction has found …