Where such a separation is complete one group of individuals, the security holders and in particular the stockholders, performs the function of risk-takers and suppliers of capital, while a separate group exercises control and ultimate management. In such a case, if profits are to be received only by the security holders, as the traditional logic of property would require, how can they perform both of their traditional economic roles? Are no profits to go to those who exercise control and in whose hands the efficient operation of enterprise ultimately rests? ...Furthermore, if all profits are earmarked for the security holder, where is the inducement for those in control to manage the enterprise efficiently? When none of the profits are to be received by them, why should they exert themselves beyond the amount necessary to maintain a reasonably satisfied group of stockholders.
Adolf A. BerleRelated topics
amount beyond capital case complete control efficient enterprise exercise function group holder inducement logic manage management necessary none operation particular property security separate separation should traditional ultimate while profits handsRelated quotes
In my country at present, women have no participation in the higher levels of government and none whatsoever in the judiciary. Even within the democratic movement only 14 out of the 485 MPs elected in 1990 were women -- all from my own party, the National League for Democracy. These 14 women represent less than 3 percent of the total number of successful candidates. They, like their male colleagues, have not been permitted to take office since the outcome of those elections has been totally ignored. Yet the very high performance of women in our educational system and in the management of commercial enterprises proves their enormous potential to contribute to the betterment of society in general. Meanwhile our women have yet to achieve those fundamental rights of free expression, association and security of life denied also to their menfolk.
Aung San Suu Kyi
We must grant the artist his subject, his idea, what the French call his donnée; our criticism is applied only to what he makes of it. Naturally I do not mean that we are bound to like it or find it interesting: in case we do not our course is perfectly simple - to let it alone. We may believe that of a certain idea even the most sincere novelist can make nothing at all, and the event may perfectly justify our belief; but the failure will have been a failure to execute, and it is in the execution that the fatal weakness is recorded. If we pretend to respect the artist at all we must allow him his freedom of choice, in the face, in particular cases, of innumerable presumptions that the choice will not fructify. Art derives a considerable part of its beneficial exercise from flying in the face of presumptions, and some of the most interesting experiments of which it is capable are hidden in the bosom of common things.
Henry James
The recurrent problem of civilization is to define the male role satisfactorily enough ... so that the male may in the course of his life reach a solid sense of irreversible achievement, of which his childhood knowledge of the satisfactions of child-bearing have given him a glimpse. In the case of women, it is only necessary that they be permitted by the given social arrangements to fulfil their biological role, to attain this sense of irreversible achievement. If women are to be restless and questing, even in the face of child-bearing, they must be made so through education.... Each culture--in its own way--has developed forms that will make men satisfied in their constructive activities without distorting their sure sense of their masculinity. Fewer cultures have yet found ways in which to give women a divine discontent that will demand other satisfactions than those of child-bearing.
Margaret Mead
I am presently at work on a dissertation dealing with the theory of international trade and foreign exchange rates. In dealing with this, studies of the intervention of recent years in the area of trade and exchange rates of different countries is of the greatest importance. I therefore hope to be able to begin a six month study tour to Switzerland, France and England at the end of May this year. After having collected the necessary material I intend - if the economic side can be arranged - during a stay of 6–12 months in England (probably Cambridge) or possibly the United States (in that case probably Harvard University) - to work out the above mentioned dissertation as a specimen for the doctoral degree in philosophy and pursue studies in general. I have not yet any detailed study plan. That should appropriately be set up after the arrival.
Bertil Ohlin
It is no limitation upon property rights or freedom of contract to require that when men receive from Government the privilege of doing business under corporate form, which frees them from individual responsibility, and enables them to call into their enterprises the capital of the public, they shall do so upon absolutely truthful representations as to the value of the property in which the capital is to be invested. Corporations engaged in interstate commerce should be regulated if they are found to exercise a license working to the public injury. It should be as much the aim of those who seek for social- betterment to rid the business world of crimes of cunning as to rid the entire body politic of crimes of violence. Great corporations exist only because they are created and safeguarded by our institutions; and it is therefore our right and our duty to see that they work in harmony with these institutions.
Theodore Roosevelt
