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Entrepreneurs and Democracy : A Political Theory of Corporate Governance - Harry Korine

Entrepreneurs and Democracy

A Political Theory of Corporate Governance

Paperback

Published: 20th January 2011
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What legitimizes power within a corporation? This question is of concern to the millions of citizens whose lives depend upon the fate of business corporations. The rules, institutions, and practices of corporate governance define the limits of the power to direct, and determine under what conditions this power is acceptable.

Effective corporate governance has long been defined in terms of economic performance. More recent studies have focused on philosophical, political, and historical analyses. Entrepreneurs and Democracy unites these strands of inquiry - the legitimacy of power, the evolution of multiple forms of governance, and the economics of performance - and proposes a framework for future study. It explores the opposing tensions of entrepreneurial force and social fragmentation that form the basis of legitimate corporate governance in modern societies, in doing so, it identifies a common logic that links both the democratization of corporate governance and the growth of economic performance.

Review of the hardback: 'This is a most timely analysis of the conceptual basis for corporate governance. Focusing on the historical development of shareholder primacy, the book provides a superb platform for understanding the coming era of Sovereign Wealth and it is just in time. Informed citizens will need the learning in this book in order to understand how political states will fit into the economic world on a base beneficial to both. The ideal of democratization of economic values, following de Tocqueville, is a perilous voyage for which this book is a fine route map. Everyone can benefit from understanding the underlying precepts of tomorrow's dialogue.' Robert A. G. Monks, Founder of ISS, the Corporate Library; the LENS Fund and Governance for Owners
Review of the hardback: 'Thanks to financial globalization, corporate governance has become a central topic on the minds of scholars in a variety of academic disciplines. Historians and legal scholars focus on the evolution of corporate governance institutions across diverse national contexts; political philosophers are oriented to questions of the legitimacy of corporate power; and economists analyse the economic performance consequences of different forms of corporate governance. Yet cross-disciplinary discussion is lamentably rare. In Entrepreneurs and Democracy, Gomez and Korine provide a unifying framework to enable interdisciplinary discussion rooted in a classic liberal model of political governance.' Jerry Davis, Stephen M. Ross School of Business, University of Michigan
Review of the hardback: 'If one benchmark for management and organization theory should be that it is relevant to practice and realistic in its assessment of it, then corporate governance must be judged a failure. On its watch the inability to pick empirical trends were legion, with Enron only being the most notable. Restricted theories, such as principal-agency theory, together with an excessive focus on performance and a merely ceremonial attention to legitimacy, together with the institutional specificities of comparative cases, entailed that economistic theory prevailed and the essential politics of governance and the processes of governmentality were under-specified. No more! Gomez and Korine have written a book that should rescue corporate governance from its ideologies and failures, restoring concern with governance where it belongs - as centrally located in classical political questions, by reconnecting issues of the political legitimacy of power in the corporation, the historical evolution of corporate governance forms, with questions of economic performance.' Stewart Clegg, University of Technology, Sydney

List of figures and tablesp. viii
Forewordp. ix
Introductionp. 1
Establishing the ideological foundations: the contribution of liberal political philosophyp. 13
Introduction to Part Ip. 15
The invisible crown: political foundations of the legitimate entrepreneurp. 19
Governance by entrepreneurial direction: the dilemma of liberty in the foundational texts of liberalismp. 21
The role of the entrepreneur in the liberal logicp. 25
The entrepreneur crowned: a modern Leviathan?p. 36
Society fragmented and the role of democracyp. 39
The freedom to become an entrepreneurp. 40
The institution of democracy or how to regulate a fragmented societyp. 47
Conclusion to Part Ip. 54
Understanding how corporate governance evolves: the contribution of historyp. 59
Introduction to Part IIp. 61
Familial governance (c.1800-1920): economic enfranchisement and the founder as entrepreneurp. 64
The entrepreneur - a child of modernityp. 65
Discretionary power and its counterweight: the familial model of governancep. 75
Familial governance: a politically fragile equilibriump. 92
Managerial governance (c. 1920-1970): separation of powers and management as entrepreneurp. 99
The demise of the familial model of governancep. 100
Power to the experts: managerial governancep. 115
Limiting the powers of management: technocracy under social controlp. 124
Equilibrium and threats to managerial governancep. 132
Post-managerial governance (from c.1970): ownership of the large corporation reaches unprecedented mass and fragments into multiple polesp. 136
Managerial governance comes under attackp. 137
From managerial governance to public governance: two new poles of entrepreneurial powerp. 155
Interpreting public governance: representation and debate signify a new step towards democratizationp. 173
Two forms of governance: intrinsic and extrinsicp. 175
One model of post-managerial model governance: public governancep. 200
Synthesis: public governance in the context of liberal societyp. 212
Conclusion to Part IIp. 215
Corporate governance and performance: the contribution of economicsp. 223
Introduction to Part IIIp. 225
The Pure Economic Model of corporate governance: an analysisp. 227
The paradox of Berle and Meansp. 230
Reaction to Berle and Means: a Pure Economic Model of corporate governancep. 237
An economic model of corporate governance in the liberal spiritp. 247
Critique of the Pure Economic Model of corporate governancep. 251
Empirical failuresp. 252
Internal contradictionsp. 259
The unseen problem: today's fragmented ownership of propertyp. 269
Economic performance, corporate governance, and the fragmentation of ownershipp. 274
Corporate governance as a guaranteep. 276
The economic function of corporate governance as a system of guaranteep. 291
An economic interpretation for models of governancep. 301
Conclusion to Part IIIp. 303
Epiloguep. 307
Indexp. 324
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780521169608
ISBN-10: 0521169607
Series: Business, Value Creation, and Society
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 350
Published: 20th January 2011
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.9 x 15.2  x 2.0
Weight (kg): 0.51