The Enduring Corporation
If you had to pick two words to describe the state of the American corporation today, "triumphant" and "beleaguered" spring to mind. Triumphant because the American corporation has been both architect and beneficiary of the most durable economic expansion in modern history. Perhaps more important, in the final two decades of the 20th century, the long-standing rivalry between capitalism and the centrally planned economy ended in a rout. Former socialist states around the world now are reorganizing their economies around the institutions of the market. And the definitive institution of today's market economy is neither the bank nor the stock exchange but the corporation--especially the large, multinational corporation.
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