Center on Corporate Governance
Center for Law and Economic Studies
Ideally, Thurman Arnold should review this book. In his The Folklore of American Capitalism, Arnold dissected the ideology and rationalizations by which the business community of an earlier day defended its legitimacy and perquisites. Michael Useem, a sociologist at the Wharton School, also has an interest in the ideology of the business community: how corporate managers view the new institutional investors, how they justify resistance, and the tensions and inconsistencies between their critiques of money managers and their own behavior. This is an underutilized perspective (which law and economics inherently tends to overlook), and Useem is at his best when he compares the rival lenses through which corporate executives and money managers view each other.
John C. Coffee Jr.,
The Folklore of Investor Capitalism,
Mich. L. Rev.
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