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By Randall K. Morck

For many american citizens, capitalism is a dynamic engine of prosperity that rewards the daring, the bold, and the hardworking. yet to many outdoor the USA, capitalism feels like an initiative that serves purely to pay attention energy and wealth within the fingers of some hereditary oligarchies. As A heritage of company Governance worldwide indicates, neither belief is incorrect. during this quantity, many of the brightest minds within the box of economics current new empirical learn that implies that every facet of the talk has whatever to supply the opposite. loose company and well-developed monetary platforms are confirmed to provide progress in these nations that experience them. yet examine additionally means that in another capitalist international locations, preparations actually do focus company possession within the arms of some prosperous households. A historical past of company Governance all over the world presents old stories of the styles of company governance in numerous countries-including the big business economies of Canada, France, Germany, Italy, Japan, the uk, and the U.S.; greater constructing economies like China and India; and substitute types like these of the Netherlands and Sweden.

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10 However, Japanese business groups, as Morck and Nakamura show in chapter 7, have a history starkly different from groups elsewhere. Most important, large horizontal Japanese keiretsu are controlled by managers, not wealthy families. 9. See Bae, Kang, and Kim (2002), Bebchuk, Kraakman, and Triantis (2000), Barca and Becht (2001), Bertrand, Mehta, and Mullainathan (2002), Claessens, Djankov, and Lang (2000), Claessens et al. (2002), Daniels, Morck, and Stangeland (1995), Faccio and Lang (2003), Faccio, Lang, and Young (2001), Faccio (2002), Ghemawat and Khanna (1998, 2000), Granovetter (in press), Khanna and Palepu (2000), Morck et al.

14 They find that in the 1990s countries with stronger shareholder protection were characterized by larger stock markets and more diffusely held large corporations, and that these countries tend to have legal systems derived from British common law. The common-law countries in figure 1 are Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, the United Kingdom, and the United States, and they clearly do have more widely held large firms than 12. See La Porta, López-de-Silanes, and Shleifer (2003).

2000, 2004b), and others. 10. , Aoki (1988), Hoshi, Kashyap, and Scharfstein (1991), and especially Nakatani (1984). 34 Randall K. Morck and Lloyd Steier Humans’ tendency to organize activities along patterns of kinship may be biologically innate, as Axelrod and Hamilton (1981) suggest. But this organizing propensity continues long after the biological necessity is removed, and often extends to economic activity. Family and kinship groupings are likely the oldest and most pervasive forms of group behavior.

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