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Democratizing the Corporation

The various corporate governance initiatives that have arisen over the past decade have achieved significant strides toward containment of harms without altering the fundamental obligations and duties of corporations to broader societal interests. Corporate directors are more vigilant, managers are more attentive, and shareholders are better protected against losses linked to breakdowns in corporate governance, but shareholder primacy still remains intact. This chapter argues for the need to democratize corporate structure in order to make corporations better suited to the challenges and demands of the twenty-first century, and offers prototypes for such reforms.

Originally published in Heiko Spitzeck, Michael Parson, Wolfgang Amann, Shiban Khan, and Ernst von Kimakow, eds., Humanism in Business (New York: Cambridge University Press, 2009), 229-247.