The publication of “The Modern Corporation and Private Property” in 1932 by . . . governance. Berle and Means focused on the separation of ownership and control in large corporations where multiple layers of salaried managers coordinated production and distribution. What is perhaps less well recognized about their work is that the large public corporation had only recently become the dominant way of organizing production in the United States (see Chandler (1977)). The book was therefore prescient in that it recognized this way of organizing the enterprise would be lasting, and hence it was important to study how they would be governed. At that time, the archetypical public firm was General Motors. The enduring fascination with this firm has been, in part, because of its size and the industry it is in, and, in part, because it was the focus of two of the best known managerial books, Alfre
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