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The Public Company Transformed$
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Brian Cheffins

Print publication date: 2018

Print ISBN-13: 9780190640323

Published to Oxford Scholarship Online: November 2018

DOI: 10.1093/oso/9780190640323.001.0001

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The 1970s

The 1970s

Managerial Capitalism Sustained . . . But “Something Happened”

(p.101) 3 The 1970s
The Public Company Transformed

Brian R. Cheffins

Oxford University Press

Chapter 3 addresses the 1970s, a decade when managerial capitalism continued to prevail in large American public companies but the scene was being set for its displacement. Confidence in large corporations and the executives running them suffered due to American businesses losing ground to foreign challengers, setbacks affecting prominent conglomerates, and revelations of illicit payments by numerous well-known corporations. The difficulties afflicting 1970s public companies helped to set in motion a corporate governance reform process oriented around improving managerial accountability which continues to this day. Regulation of business increased considerably during the opening half of the decade but erosion of faith in government ultimately undermined continued momentum in this direction.

Keywords:   managerial capitalism, foreign competition, conglomerates, corporate bribery, corporate governance, corporate social responsibility, Business Roundtable, deregulation

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