By Randall K. Morck
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Extra info for A History of Corporate Governance around the World: Family Business Groups to Professional Managers
One such critical moment was the Great Depression of the 1930s, when 6. See Kleeberg (1987) for details. 30 Randall K. Morck and Lloyd Steier diﬀerent countries set oﬀ in diﬀerent directions that wrought today’s diﬀerences in corporate governance. Financial catastrophes in many countries in the 1920s and 1930s, and ideological reactions to them, deeply aﬀected their subsequent evolution of corporate control. In the 1930s, the United States was deeply inﬂuenced by the progressive ideology of Louis Brandeis, Thorsten Veblen, and others.
The geographic and chronological scope of the project allows us to make observations as well as raise important questions regarding how enterprise is organized in diﬀerent parts of the world. Importantly, the book speaks to the neglect of family enterprise relative to its role in capitalist economies. Family capitalism contributes to the wealth and/or poverty of a nation, with appreciation to Adam Smith and David Landes. A theme throughout this volume is the importance of large family business groups in most developed economies.
Putnam (1993) describes how economically important networks of trust in Northern Italy were built through centuries of successful association. The chapter on Canada by Morck et al. describes that country’s evolution from a low-trust society in which families were virtually the only instruments of trust reliable enough to ﬁnance business ventures. Murphy’s chapter on France describes the destruction of popular trust in the institutions of arm’s-length ﬁnance. Certain organizational arrangements can substitute to some extent for low trust outside families and can even increase ambient levels of trust, albeit slowly.
A History of Corporate Governance around the World: Family Business Groups to Professional Managers by Randall K. Morck