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Corporations, Accounting, Securities Laws, and the Extinction of Capitalism
book

Corporations, Accounting, Securities Laws, and the Extinction of Capitalism

by Wm. Dennis Huber
July 2022
Intermediate to advanced content levelIntermediate to advanced
198 pages
6h 31m
English
Routledge
Content preview from Corporations, Accounting, Securities Laws, and the Extinction of Capitalism

5Corporate Law

DOI: 10.4324/9781003240969-7

Introduction

Arthur Levitt, Jr., former Chairman of the Securities Exchange Commission, asserted, “The principle that shareholders own the companies in which they invest—and are the ultimate bosses of those running them—is central to modern capitalism” (Levitt, 2008). This echoes Friedman's (1970) well-known declaration that, “In a free-enterprise, private-property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires.” Unfortunately, neither Levitt's nor Friedman's proclamation that shareowners own corporations have any basis in corporate law.

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Publisher Resources

ISBN: 9781000600995