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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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(p.276) Conclusion
Corporate Irresponsibility

Lawrence E. Mitchell

Yale University Press

This chapter presents concluding remarks on the state of the American corporation. The state of American corporate capitalism is the product of a structural and a legal system grounded in a uniquely American tradition and suited to that tradition. That system, however, while conceptually sound and consistent with our democratic ideas of power and responsibility, has gone seriously awry. The chapter argues that the fault lies with nobody in particular and everybody in general. The system has grown and developed in a way that reflects not careful, considered planning, but instead, the unthinking forces of a relatively unconstrained capital market. The chapter discusses how it is both a benefit and a misfortune that the corporate structure is highly sensitive to market pressures. It also reveals that when market actors are thoughtful and controlled, and corporations are restrained by social policy, they are extremely efficient at allocating resources in ways which lead to the production of desirable goods and services.

Keywords:   corporate capitalism, legal system, capital market, corporate structure, social policy

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