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Corporate IrresponsibilityAmerica`s Newest Export$
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Lawrence E. Mitchell

Print publication date: 2001

Print ISBN-13: 9780300090239

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300090239.001.0001

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America Right and Wrong: Growing U.S. Economic Imperialism

America Right and Wrong: Growing U.S. Economic Imperialism

(p.262) Chapter 11 America Right and Wrong: Growing U.S. Economic Imperialism
Corporate Irresponsibility

Lawrence E. Mitchell

Yale University Press

This chapter discusses the ideology of the American free market system, which is based on the tenets of the Enlightenment liberal philosophy taken to extremes, and discusses German policies of social solidarity that were implemented by Otto von Bismarck and have remained intact in a more constructive way as Germany has reformed. It also reveals that the Anglo-American model is one in which corporations are run for the sake of capital, with boards of directors and management that are held directly responsible for capital, primarily through a series of laws and practices which attempt to ensure board independence from management and prohibit management from serving itself at the expense of capital. This model is also characterized by transparent capital markets to which corporations are responsible for providing information and rough capital market equality ensured by laws prohibiting fraud and insider trading.

Keywords:   free market, liberal philosophy, laws, capital markets, capital market

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