History and the Global Governance Revolution: The UK Perspective

52 Pages Posted: 30 Mar 2001

See all articles by Brian R. Cheffins

Brian R. Cheffins

University of Cambridge - Faculty of Law; European Corporate Governance Institute (ECGI)

Date Written: March 2001

Abstract

Market forces allegedly are serving to destabilise traditional business structures and cause a reorientation along "Anglo-American" lines. This paper examines the alleged "convergence" trend from an historical perspective. The focus is on Britain, since it is the only major industrial nation that has undertaken the journey upon which other countries may be embarking.

Contemporary developments suggest that Britain's failure to adopt US-style managerial structures more quickly may have contributed to the UK's economic "decline". Comparing the British experience with the German suggests, however, that this inference should be drawn with caution. Company law, financial services regulation and political ideology have been identified as three factors that will determine whether the Anglo-American system of ownership and control becomes dominant in a country. The evolution of corporate governance in Britain indicates, however, that these are probably not decisive variables.

JEL Classification: G30, G32, K22, N24, N84

Suggested Citation

Cheffins, Brian R., History and the Global Governance Revolution: The UK Perspective (March 2001). Available at SSRN: https://ssrn.com/abstract=262805 or http://dx.doi.org/10.2139/ssrn.262805

Brian R. Cheffins (Contact Author)

University of Cambridge - Faculty of Law ( email )

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European Corporate Governance Institute (ECGI)

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