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  • PISTOR, Katharina. Codetermination A Sociopolitical Model With Governance Externalities

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    Luiza Jacobsen
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    PISTOR, Katharina. Codetermination A Sociopolitical Model with Governance Externalities

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    13 views18 pages

    PISTOR, Katharina. Codetermination A Sociopolitical Model With Governance Externalities

    Uploaded by

    Luiza Jacobsen

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
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    EMPLOYEES AND CORPORATE GOVERNANCE EDITORS ‘Margaret M. Blair and ‘Mark J. Roe 5 Codetermination: A Sociopolitical Model with Governance Externalities KATHARINA PISTOR determination and corporate governance havea common purpose: to control economic power associated with large corporate enterprises, The wo concepts diverge in other respects, however, Coetermination gives economic power to those wh control the means of production snd wes employee participation 81 tool to counter the interests of expita The prevaling corpo- rate governance paradigm, by contrast, places majo contra in thehands of capital owners nd uses management a thei agents Employees are treated as stakeholders in a corporation but ust ally notas substantial collaborators inthe contol over manage rent In essence, the main diference Between the two concepts isthat codetermination offers social governance, whereas corpo ‘ate governance proves fim-level governance. Social governance ad frm-level governance have different socioeconomic roots, The concept of codetermination originates ‘ote el pene pins come 164 OFRMAN CODETERMINATION {in the social movements of ate nineteenth-century Europe Active partic pation of employees in the decisionmaking proces of the company was seen asa way to overcome the contradiction between the cas Hiberal ideals of sef-determination and the rights ofthe individual. on the one ‘hand, and the reality ofindustriaization, on the othe, which was. as Mare termed it the alienation of workers from the fruits of thet labor. This assessment ofthe stats of workers in age corporations wt not limited to leis circles. Otto . Gerke, an aclaimed nineteenth -century scholt of German legal tradition and busines organization and a social conservative, wrote in 1868 thatthe "propety-less daseshavebeenor ae atleast threat. «ened tbe deprived of their economic personality by the development of the capitalist age enterprise. The old economic organisms have been

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