Entrepreneurs and Democracy: A Political Theory of Corporate Governance

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Cambridge University Press, May 22, 2008 - Business & Economics
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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.
 

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Contents

political foundations of the legitimate entrepreneur
19
Society fragmented and the role of democracy
39
Conclusion to Part I
54
the contribution of history
59
Introduction to Part II
61
economic enfranchisement and the founder as entrepreneur
64
separation of powers and management as entrepreneur
99
ownership of the large corporation reaches unprecedented mass and fragments into multiple poles
136
the contribution of economics
223
Introduction to Part III
225
an analysis
227
Critique of the Pure Economic Model of corporate governance
251
Economic performance corporate governance and the fragmentation of ownership
274
Conclusion to Part III
303
Epilogue
307
Index
324

representation and debate signify a new step towards democratization
173
Conclusion to Part II
215

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Page 27 - Though the earth, and all inferior creatures, be common to all men, yet every man has a property in his own person: this nobody has any right to but himself. The labour of his body, and the work of his hands, we may say, are properly his.
Page 33 - It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our , dinner, but from their regard to their own interest. We address ourselves, not to their humanity, but to their self-love, and never talk to them of our own necessities, but of their advantages.
Page 36 - The great and chief end therefore of men's uniting into commonwealths and putting themselves under government is the preservation of their property.
Page 16 - NOTHING appears more surprising to those who consider human affairs with a philosophical eye, than the easiness with which the many are governed by the few; and the implicit submission, with which men resign their own sentiments and passions to those of their rulers.
Page 27 - The labour of his body, and the work of his hands, we may say, are properly his. Whatsoever, then, he removes out of the state that nature hath provided and left it in, he hath mixed his labour with, and joined to it something that is his own, and thereby makes it his property.
Page 27 - He that is nourished by the acorns he picked up under an oak, or the apples he gathered from the trees in the wood, has certainly appropriated them to himself.
Page 35 - The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention, or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry, and so on.

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