ABSTRACT
Free-market ideology was gradually entrenched over the four decades of the 1950s to 1980s, aimed at making the corporate legislation and its idea of the firm as a socially sanctioned team production effort, involving many stakeholders and relying on fiduciary duties, suspicious of being inefficient and to portray regulatory oversight as being little more than political interests meddling with jurisprudence in ways that harm market efficiency. The 1970s' economic conditions were characterized by high inflation in combination with growing unemployment and economic stagnation, a brew that the dominant Keynesian doctrine could neither explain on basis of its theoretical framework, not practically curb. When William Jefferson Bill Clinton was elected president in 1992 and installed in January 1993, it represented a return of a Democratic head of state in the White House and, importantly, a Democratic president who did not inherit as dour economic conditions as Jimmy Carter did in 1977.
