Who Should Control the Corporation?

Who should control the large widely held corporation? How? And for the pursuit of what goals? This article seeks to bring some clarity to what has been a century of confusing debate. Eight major positions are examined, from government nationalization at one extreme to attempts to restore direct shareholder control at the other. In between are the positions of democratize it, regulate it, pressure it, trust (social responsibility), ignore (it pays to be good), and induce (pay it to be good). Each position is analyzed from an organizational rather than a political or ideological perspective. Together, these positions represent a portfolio from which society can draw to reconcile social and corporate needs and objectives.