In the last decade, business corporation as economic and social phenomenon gained increasing importance and draw heightened attention for mainly two reasons:
it became more and more evident that the quality of corporate governance has a major impact on the profitability of the corporation itself and, as result, on the international competitiveness of the country with such companies ,
the emergence and spread of a number of dysfunctions in the ways corporations operate that are reaching an alarming scale.
The book first outlines the theoretical and historical background of corporate governance. It then discusses both the advantages and the disadvantages of the corporation form of firm and goes on to analyze how the efficiency of corporate governance can be improved while mitigating its negative impacts on the economy and society. The book places special emphasis on examining the issues of corporate governance in its wider context of global governance. One of the important conclusions of the book is that the corporate, national and global types of governance are closely interconnected. Each of them can be improved by building on improvements of the other. To achieve better corporate governance, national and global governance should also function well, just as the efficient functioning of these two latter types of governance cannot be achieved without efficient corporate governance.
The book emphasises that these dysfunctions, as well as one of its latest off-springs, the current sever financial crisis have new theoretical implications, in the sense that they potentially undermine the neo-liberal, neo-classical economic thinking, which was the mainstream and the leading economic theory in the past thirty years. The main tenet of this theory is the firm belief in efficient market, that is, a market that basically is capable of providing answer to any question and can heal itself. We currently experience a great financial unravelling resulting from the on-going financial crisis, where governments and central bankers seized the initiative in order to restore a workable financial system with its implications and, indeed, imperatives for improving the global governance, as well as corporate governance; a formidable challenge for which past decades have left us unprepared.
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