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Corporate Governance and Firm OrganizationMicrofoundations and Structural Forms$
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Anna Grandori

Print publication date: 2004

Print ISBN-13: 9780199269761

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199269761.001.0001

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Economy, Society, and Worker Representation in Corporate Governance

Economy, Society, and Worker Representation in Corporate Governance

(p.141) 6 Economy, Society, and Worker Representation in Corporate Governance
Corporate Governance and Firm Organization

Michael J. Piore

Oxford University Press

This chapter offers a historical reconstruction of the evolution of governance structures in the modern history of the US; seen through the lenses of Polanyi's thesis, the main problem of contemporary economic organization is the clash between the competitive market and the social nature of human beings. This chapter analyses how this clash was resolved in different historical phases: by the adjustment of the social system to the requirement of production under the old regime of mass production, by negotiation and unionization under the New Deal. It characterizes the current phase as one of ‘disarticulation’ of the relationship between the economic and the social structures, where they are neither separate nor related in any clear way, to which a solution is yet to be found.

Keywords:   managerial capitalism, worker representation, mass production, New Deal, shareholder model, stakeholder model

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