ABSTRACT
A review of Rethinking Corporate Governance for the Twenty-First Century, by Margaret M. Blair. Washington, DC: Brookings Institution Press, 1995.
The ancien régime has returned. I do not refer to France before 1789, but to the United States before 1933. Unless you are old enough to have lived through the 1920s, you will not have seen a time when the few hundred largest corpo rations were as free of constraints as they are now. Federal regulations of corporate behavior to save the public from egregious injury have been lifted and unions have declined from their one-time status as muscular de fenders against the depredations of big business to what they are now, an anemic nuisance.
