Economic History Commons^™

Securities Intermediaries And The Separation Of Ownership From Control, Jill E. Fisch

Seattle University Law Review

The Modern Corporation & Private Property is a paradigm-shifting analysis of the modern corporation. The book is perhaps best known for the insights of Berle and Means about the separation of ownership from control and the consequences of that separation for the allocation of power within the corporation. The Berle and Means story focuses on the shareholder as the owner of the corporation. Berle and Means saw the mechanism of centralized management—in which the shareholder retains the economic interest but not the control rights associated with ownership—as threatening the conception of shareholder interests in terms of property rights. In particular, …

The Modern Corporation As Social Construction, Mark S. Mizruchi, Daniel Hirschman

Seattle University Law Review

Classic works, Mark Mizruchi and Lisa Fein argued, share a particular fate. Authors often cite classic works without reading them—or without reading them carefully. . . . Yet perhaps no single work fits the above description better than one of the most important books on the large corporation ever published: Adolf Berle and Gardiner Means’s The Modern Corporation and Private Property. One can speculate that few works in the social sciences have been as often cited and as little read. As a consequence, we would expect The Modern Corporation to be a good candidate for either selective interpretation or …

Corporate Power In The Public Eye: Reassessing The Implications Of Berle’S Public Consensus Theory, Marc T. Moore, Antoine Rebérioux

Seattle University Law Review

We analyze Berle’s overall corporate governance project in accordance with what we see as its four core sub-themes: (A) the limitations of external market forces as a constraint on managerial decision-making power; (B) the desirability of internal (corporate) over external (market) actors in allocating corporate capital; (C) civil society and the public consensus as a continuous informal check on managerial decision-making power; and (D) shareholder democracy (as opposed to shareholder primacy or shareholder wealth maximization) as a socially instrumental institution. We seek to debunk the popular misconception that Berle’s early work was a defense of the orthodox shareholder primacy paradigm …

Tracking Berle’S Footsteps: The Trail Of The Modern Corporation’S Last Chapter, William W. Bratton, Michael L. Wachter

Seattle University Law Review

Readers game enough to work through all three hundred pages of The Modern Corporation and Private Property looking for insights on corporate law today encounter two, apparently contradictory, lines of thought. One line, set out in Books II and III, resonates comfortably with today’s shareholder-centered corporate legal theory. Here the book teaches that even as ownership and control have separated, managers should function as trustees for the shareholders and so should exercise their wide-ranging powers for the shareholders’ benefit. The other line of thought emerges in Books I and IV, where The Modern Corporation encases this shareholder trust model in …

Rethinking The Separation Of Ownership From Management In American History, Kenneth Lipartito, Yumiko Morii

Seattle University Law Review

In <em>The Modern Corporation and Private Property</em>, Adolf Berle and Gardiner Means would use AT&T as a prime example of what they saw as a dangerous new trend, the replacement of ownership-based capitalism with giant corporations controlled by a small group of propertyless managers. Indeed, AT&T became Berle and Means’ favorite example. . . . As we shall see, however, the claim that AT&T was a leading example of the separation of ownership from management is incomplete. More importantly, the common interpretation of Berle and Means’ work is mistaken, placing the emphasis incorrectly on the number of shareholders and reading …

Berle’S Vision Beyond Shareholder Interests: Why Investment Bankers Should Have (Some) Personal Liability, Claire Hill, Richard Painter

Seattle University Law Review

This essay, published in a symposium on the work of Adolf Berle, approaches the Berle-Dodd debate from the perspective that corporate managers have responsibilities beyond pursuing the interests of shareholders. Stock based executive compensation, designed to align managers’ interests with those of shareholders, has, in the investment banking industry in particular, failed to avert, and may have caused, managers (in this case, bankers) to take excessive risks that in the present financial crisis inflicted great damage on creditors and on society as a whole. We describe here the broad outlines of a proposal that we will discuss in future publications …

Enumerating Old Themes? Berle’S Concept Of Ownership And The Historical Development Of English Company Law In Context, Lorraine E. Talbot

Seattle University Law Review

This paper offers some tentative suggestions as to why Berle’s work has been read and interpreted so selectively in the United Kingdom. I suggest that this must be partly attributable to the historical developments in English company law that entrenched the notion of shareholder ownership claims. Specifically, unincorporated associations’ normative values—that members are owners and there is no distinction between small organizations with no share dispersal and large organizations with wide share dispersal—have a continuing influence on this entrenched notion of shareholder ownership claims. First, I provide an overview of the origins of English company law. Next, I address how …

The U.S. Economic Crisis: Another "Lost Decade"?, Paula Chungsathaporn

Honors College Theses

America is experiencing the worst economic downturn since the Great Depression originating with problems from mortgage backed securities and seeping into every major sector in the economy. We have witnessed the downfall or government takeover of some of the most powerful companies in the country, contributing to the highest unemployment rate America has seen in decades. During the 1990s, Japan experienced what is commonly referred to as “the lost decade,” a period of prolonged stagnant growth. Many similarities can be drawn between the current U.S. crisis and the Japanese crisis of the late 90s. The macroeconomic conditions that caused the …

The Economic Foundations Of Contemporary Slavery, Justin Guay

Human Rights & Human Welfare

“Slavery existed before money or law” (Hochschild 2005). Indeed the “peculiar institution” is one of humanity’s oldest. It has, however, evolved and manifested itself quite distinctly in different periods of history. In contrast to historical views of slavery that are associated with Chattel Slavery, numerous forms fall under the umbrella term of contemporary slavery. The United Nations (U.N.) Working Group recognizes such radically new forms as: child labor, children in conflict, trafficking in persons, sexual exploitation, and the sale of children. The International Labor Office (ILO) approaches the topic through the lens of forced labor. The ILO recognizes slavery and …

Age Concern: The Future Of The Oecd, Richard Woodward

Articles

‘Life’, so the adage has it, ‘begins at 40’. But, as American journalist Helen Rowland wryly observed, ‘so do fallen arches, rheumatism, faulty eyesight, and the tendency to tell a story to the same person, three or four times’. Such a sentiment should resonate within the Parisian corridors of the Organisation for Cooperation and Development (OECD) which celebrates its 45th anniversary on 30 September. Rival institutional developments, evolving geo-political realities, hostility from non-governmental organisations (NGOs) and the absence of a precisely defined mission statement have marred the OECD’s fifth decade and left the organisation struggling to justify its place in …

Historical Perspective On Performance Budgeting: Performance Budgeting In The United States Before 1960, Dan Williams

Publications and Research

With the assistance of A. E. Buck, Herbert Hoover coined the term Performance Budget in 1949 to rebrand cost data budgeting. Cost data budgeting originated in 1912 in Richmond County (Staten Island), New York. It is strongly associated with the National Commission on Municipal Standards and the Committee on Uniform Street Sanitation Records, which are both direct derivatives of Clarence Ridley’s original work in making sense of performance measurement under the title Means of Measuring Municipal Government, his 1927 dissertation at Syracuse University. Ridley subsequently led the International City Managers Association for nearly 30 years. He teamed with A. E. …

The Organisation For Economic Cooperation And Development, Richard Woodward

Articles

This article reviews the role of the OECD, a much cited but little studied institution, in global governance.

Political Barriers And The Transmission Of Monetary Policy Across States: The New England Antebellum Banking Market, Andrew J. Economopoulos

Business and Economics Faculty Publications

The New England antebellum banking market was examined to understand the interaction of political ideology and economic forces. With each state controlling bank entry, hence the money supply, political ideology could impede the supply of money within a state. However, the monetary forces from neighboring states may have influenced the degree to which parties held true to their political ideology. The results indicate that political ideology was an effective barrier in two of the six states, while three states were responsive to neighbor states' monetary policy regardless of political ideology. These states responded by creating new banks, raising existing capital …

Persistence Of Poverty Across Generations: A Comparison Of Anglos, Blacks, And Latinos, Anna M. Santiago, Yolanda C. Padilla

New England Journal of Public Policy

Utilizing data from the National Longitudinal Survey of Youth, this study examines the impact of children's growing up in poverty on the probability of their remaining in poverty during young adulthood. The primary goals of the research are to examine racial, ethnic, and gender differences in patterns of persistent poverty and to identify predictors of poverty status in young adulthood. The results suggest that both women, regardless of their race, ethnicity, or adolescent poverty status, and black men who grew up in poverty are more likely to be poor as young adults than Anglo men. Logistic regression analyses reveal that …

Latinos Need Not Apply: The Effects Of Industrial Change And Workplace Discrimination On Latino Employment, Edwin Meléndez, Françoise Carré, Evangelina Holvino

New England Journal of Public Policy

The objective of the research described here is to assess how recent changes in the organization of industry and discrimination in the workplace affect the employment of Latinos. One of the most important developments in labor markets during the past two decades is the erosion of internal labor markets. Employers are responding to intensified competitive conditions that developed during the 1980s: increased international competition in domestic markets and deregulation in telecommunications, banking, insurance, and other industries. The development of information technologies and the diffusion of secondary and postsecondary education have enabled organizations to cut labor costs. In particular, firms are …

The Intendant, The Merchants, And Free Trade In Louisiana, 1778-1788, Brian E. Coutts

DLPS Faculty Publications

Spain acquired Louisiana from France in 1763 but was initially unsuccessful in integrating the distant colony into the Spanish commercial system. Encouraged by the colony’s chief financial officer, Intendant Martín Navarro, the Spanish Crown introduced legislation on January 22, 1782 to promote commerce. Free trade was to be permitted for ten years with designated ports in France. The liberal character of the code fostered the growth of numerous merchant companies in New Orleans who found markets for all of Louisiana’s exports in France, England and the French West Indies. Unfortunately, Spain continued to absorb all of the administrative costs for …

International Cartels, Jane Reifsnyder

Business and Economics Honors Papers

This 37 page senior thesis examines government-controlled economic cartels from various countries, especially Germany, following the end of World War II.

Postwar Planning For The State Of Maine, Maine Development Commission

Maine Collection

Postwar Planning for the State of Maine by the Maine Development Commission, as Compiled November 1, 1944

Compiled and Published by the Maine Development Commission, Augusta, Maine, 1944.

Contents: Introduction / General Employment Data / State Projects / Municipal Projects / List of Tables and Illustrations.

Three Years Of Emergency Relief In Kentucky, 1932-1935., Viola Miller Pryor

Electronic Theses and Dissertations

No abstract provided.

The Industrial Evolution Of The United States, Howard Dexter Smith

Student and Lippitt Prize Essays

A thesis which describes the evolution of industry in the United States, chronicling from 1789 to the following one hundred years.