Revisiting American Exceptionalism

The Harvard Law School Forum on Corporate Governance and Financial Regulation 2014-08-05

Summary:

Editor's Note: The following post comes to us from Naomi R. Lamoreaux, Stanley B. Resor Professor of Economics and History, Yale University, and Research Associate, NBER.

The legal rules governing businesses’ organizational choices have varied across nations along two main dimensions: the number of different forms that firms could adopt; and the extent to which firms had the contractual freedom to modify the available forms to suit their needs. Until the last quarter of the twentieth century, businesses in the U.S. had a narrower range of forms from which to choose than their counterparts in most other countries and also much less ability to modify the basic forms contractually. In the recent NBER Working Paper, Revisiting American Exceptionalism: Democracy and the Regulation of Corporate Governance in Nineteenth-Century Pennsylvania, I explore the exceptional character of the U.S. legal rules by focusing on the different structure of U.S. and British general incorporation laws.

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Link:

http://blogs.law.harvard.edu/corpgov/2014/08/05/revisiting-american-exceptionalism/

From feeds:

Blogs.law Aggregation Hub » The Harvard Law School Forum on Corporate Governance and Financial Regulation

Tags:

academic research comparative corporate governance & regulation international corporate governance & regulation corporate forms corporate governance incorporations international governance legal systems naomi lamoreaux

Authors:

R. Christopher Small, Co-editor, HLS Forum on Corporate Governance and Financial Regulation,

Date tagged:

08/05/2014, 09:30

Date published:

08/05/2014, 09:03