Description
Bloomsbury Publishing PLC Corporate Governance in the Shadow of the State by Marc Moore
Over recent decades corporate governance has developed an increasingly high profile in legal scholarship and practice especially in the US and UK. But despite widespread interest there remains considerable uncertainty about how corporate governance should be defined and understood. In this important work Marc Moore critically analyses the core dimensions of Anglo-American corporate governance law seeking to determine its fundamental nature as a subject of legal enquiry. In particular Moore examines whether corporate governance is most appropriately understood as an aspect of private law or as a part of public (regulatory) law. In contrast to dominant contractarian understandings of the subject this book defines corporate governance as the manifestly public problem of securing the legitimacy and sustainability of discretionary administrative power within large economic organisations. It emphasises the central importance of formal accountability norms in legitimating corporate managers continuing possession and exercise of such power and demonstrates the structural necessity of mandatory public regulation in this regard. In doing so it highlights the irreducible role of the regulatory state in determining the contours of Anglo-American corporate governance law. The normative effect is to extend the states acceptable policymaking role in corporate governance as an essential supplement to private ordering dynamics.