TY - JOUR
AU - Garfield, Alan E.
AB - 150 THE AMERICAN JOURNAL OF COMPARATIVE LAW [Vol. 4 3 CONTRACTARIANS, COMMUNITARIANS AND AGNOSTICS SPECIAL ISSUE ON THE CORPORATE STAKEHOLDER DEBATE: TH E CLASSI­ CAL THEORY AND ITS CRITICS, 43 University of Toronto Law Journal No. 3 (1993). Reviewed by Alan E. Garfield* The takeover wave of th e 1980s revived interest in one of corpo­ rat e law's more intriguing questions: To what extent should corpo­ rat e law address the concerns of nonshareholder corporate stakeholders such as employees and creditors? The debate over this issue was by no means new to corporate law; Professors Berle and Dodd sparred over this issue more tha n a half century ago. But the debate took on a renewed vigor during th e takeover phenomenon be­ cause takeovers, both factually and legally, brought the conflict be­ tween shareholders and other corporate stakeholders to a head. Factually, takeovers highlighted the stakeholder issue because take­ overs seemed to benefit shareholders at stakeholder expense. Le­ gally, takeovers highlighted the stakeholder issue because lawmakers, responding to takeovers, began changing their corporate laws to reflect what seemed to be a heightened concern for non- shareholder constituents. Most notably, a majority of the states in th e 
TI - Special Issue on the Corporate Stakeholder Debate: The Classical Theory and its Critics
JF - American Journal of Comparative Law
DO - 10.2307/840581
DA - 1995-01-01
UR - https://www.deepdyve.com/lp/oxford-university-press/special-issue-on-the-corporate-stakeholder-debate-the-classical-theory-0L5JRdSw0O
SP - 150
EP - 170
VL - 43
IS - 1
DP - DeepDyve
ER -