Volume 14, Number 12 · June 18, 1970
Certified Public Accountant
By K.W. Wedderburn
The Modern Corporation and Private Property
by Adolf A. Berle, by Gardiner C. Means
Harcourt, Brace & World, 380 pp., $9.75
Power
by Adolf A. Berle
Harcourt, Brace & World, 603 pp., $10.00
In 1932 Berle and Means published a major work of the New Deal era, The Modern Corporation and Private Property. Through or from this book flowed many concepts of corporations and corporation law, once thought maverick, but now fashionable, even conventional: the inability of thousands of stockholding 'owners' to govern, often even to influence, the managers actually in charge of giant companies; the emergence of modern management in large self-financing corporations which reflects this 'separation of ownership and control'; the growing concentration of capital in these legally personified aggregations to a point where they dominate modern capitalist societies. Since the book was written, Berle has been prominent not only in academic and legal circles but also in political and diplomatic life.
Review, 3657 words
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