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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
American Journal of Comparative Law – Oxford University Press
Published: Jan 1, 1995
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