17 Pages Posted: 26 Jan 2005
These days, Americans seem to take their corporate governance model for granted. Shareholder interests are what matter. But this essay traces the history of corporate governance to show that such models change over time. And they are different in other nations, such as Japan. I argue that American-style corporate governance has resulted in wage inequality, risk shifting, and poor management. And financial reforms, despite the recent major scandals, have not gone far enough.
Keywords: corporate governance, risk, inequality, japan, employees, managers
JEL Classification: E25, G34, G38, J30, K22, M51, N30, N80, P50
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