Holding Stock And The Reins
Ever since the publication of the pathbreaking The Modern Corporation and Private Property in 1932, economists have bemoaned the separation of ownership from control of U.S. businesses. Authors Adolf A. Berle Jr. and Gardiner C. Means warned that corporate stock ownership had become so dispersed that control had passed into the hands of managers with little stakes in their companies and with private interests that often clashed with those of shareholders--and the economy.
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