By Randall K. Morck
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Additional resources for A History of Corporate Governance around the World: Family Business Groups to Professional Managers
Importantly, the book speaks to the neglect of family enterprise relative to its role in capitalist economies. Family capitalism contributes to the wealth and/or poverty of a nation, with appreciation to Adam Smith and David Landes. A theme throughout this volume is the importance of large family business groups in most developed economies. This conﬁrms La Porta et al. (1999) and Burkart, Panunzi, and Shleifer (2003), who conclude (p. ” Moreover, there is no evidence of a uniform natural transition from family capitalism to managerial capitalism.
Another example arises in connection with India and other postcolonial economies. Das (2002) and others argue that intellectual fashions at the London School of Economics adversely aﬀected India’s economic policies, including corporate governance. Similar eﬀects elsewhere in the third world seem highly plausible. Families A purpose of this book was to provide a richer rendering of corporate governance systems throughout the world. The geographic and chronological scope of the project allows us to make observations as well as raise important questions regarding how enterprise is organized in diﬀerent parts of the world.
Sheldon Garon’s discussion argues that more attention should be paid to precisely who made which decisions in importing Western institutions. He also points out that little is said in the chapter about small and mediumsized ﬁrms, despite their importance. He also takes issue with the view that Tokugawa Japan isolated itself from the rest of the world and that Japan’s wartime economy resembled Soviet central planning. He points out that recent thinking stresses Tokugawa Japan’s contacts via foreigners in Nagasaki and rightly argues that wartime Japan imitated National Socialist central planning, which is described in detail in the chapter by Fohlin.
A History of Corporate Governance around the World: Family Business Groups to Professional Managers by Randall K. Morck