Firm Commitment: Why the Corporation is Failing Us and How to Restore Trust in it

Author(s): Colin Mayer


The corporation is one of the most important and remarkable institutions in the world. It affects all our lives continuously. It feeds, entertains, houses and, employs us. It generates vast amounts of revenue for those who own it and it invests a substantial proportion of the wealth that we possess. But the corporation is also the cause of immense problems and suffering, a source of poverty and pollution, and its failures are increasing. How is the corporation failing us? Why is it happening? What should we do to restore trust in it? While governments are subject to repeated questioning and scrutiny, the corporation receives relatively little attention. Firm Commitment provides a lucid and insightful account of the role of the corporation in modern society and explains why its problems are growing. It gives a fresh perspective on the crises in financial markets, developing countries, and the environment.
Based on decades of analysis and research, it describes a new approach to thinking about the firm which not only stops it destroying us but turns it into the means of protecting our environment, addressing social problems, and creating new sources of entrepreneurship and innovation. It sets out an agenda for converting the corporation into a twenty-first century organization that we will value and trust. It takes you on a journey that starts in the Galapagos, ends in Ancient Egypt, and in the process brings you to a new level of appreciation of the economic world we inhabit.

Product Information

Corporate governance is manifestly in crisis: in this lucid and truly important book Colin Mayer explains why. Not only should you read this book, so should governments. Paul Collier, author of 'The Bottom Billion' An impassioned and important plea for a reorientation of values in the modern corporation, offered by one of the world's leading scholars of corporate finance, ownership, and control. Henry Hansmann, Oscar M. Ruebhausen Professor of Law, Yale Law School Companies and wealth generation, as Professor Colin Mayer argues in his important book, are about co-creation, sharing risk and long-term trust relationships. Will Hutton, The Observer One lesson of the financial crisis is that the corporation which is a purely financial entity is a financial failure. Colin Mayer makes an important contribution to the rethinking of the nature of modern capitalism. John Kay, Chairman, Kay Review of Equity Markets and Long Term Decision Making Modern theory on incentives, ownership and control of large publicly-traded corporations is broken. In Firm Commitment, Colin Mayer makes a huge and thoughtful contribution to fixing the broken theory. I heartily endorse his prescriptions -- values, trustees and time-based shares -- which are at the same time practical and break-through. Anyone interested in the future of democratic capitalism should read this book. Roger Martin, Dean of the Rotman School of Management at University of Toronto Original and provocative, Colin Mayer's ideas on reforming the corporation deserve very serious attention. John Roberts, Stanford Graduate School of Business and author of 'The Modern Firm'

Colin Mayer is Peter Moores Professor of Management Studies and former Dean of the Said Business School at the University of Oxford. He has consulted for numerous large firms and for governments, regulators and international agencies around the world. From 1986 to 2010, he was a director of Oxera, building the firm into one of the foremost economics consultancies in Europe.

Preface ; PART 1: HOW THE CORPORATION IS FAILING US ; 1. In the Beginning ; 2. Morals and Markets ; 3. Reputation ; 4. Regulation ; PART 2: WHY IT IS HAPPENING ; 5. Evolving Enterprises ; 6. Bought and Closed ; 7. Capital and Commitment ; PART 3: WHAT WE SHOULD DO ABOUT IT ; 8. Value and Values ; 9. Governance and Government ; 10. Without End ; APPENDIX: REFERENCES AND FURTHER READINGS

General Fields

  • : 9780199669936
  • : Oxford University Press
  • : Oxford University Press
  • : 0.502
  • : February 2013
  • : 216mm X 135mm
  • : United Kingdom
  • : books

Special Fields

  • : Colin Mayer
  • : Hardback
  • : very good
  • : 320