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Cioffi argues that highly politicized reform of corporate governance law has reshaped power relations within the public corporation in favor of financial interests, contributed to the profound crises of capitalism, and eroded its political foundations.
John W. Cioffi is Associate Professor of Political Science at the University of California, Riverside.
"The grip of the financial octopus on the real economy got us into our present mess, and is likely to be stronger still if we finally get out of it. John W. Cioffi’s brilliant and carefully documented book shows why, drawing evidence from two economies, very different in institutions and ideologies. The octopus feeds on the doctrines of 'shareholder value' increasingly permeating the legal structures that set the allocation of power in corporations. The interest coalitions that bring this about can be quite surprising."
"While other scholars recognized the inter-linkages among what were often seen previously as separate domains, Cioffi's nexus of law approach provides a new and promising alternative way to analyze systematically these inter-linkages.... Indeed, I think Cioffi's book should stand alongside it [Political Power and Corporate Control by Peter Gourevitch and James Shinn] as one of the most important monographs by political scientists on corporate governance. Aside from its theoretical contributions, the book contributes extensive and rich new empirical material to the literature, and the work on the Sarbanes-Oxley reform may be some of the best and most thorough on the topic anywhere,."
"For a number of years, comparative corporate governance research has attempted to explain how politics influence the nature and evolution of corporate governance (CG) regimes. John W. Cioffi's latest book makes an important and topical contribution to this debate.... It will be of interest to scholars of CG, comparative lawyers and anyone interested in modern capitalism. Cioffi draws our attention to the importance of 'regulatory politics' in an era where legal density tends to increase. This is a timely corrective to the shifting focus in comparative political economy towards bottom-up (rule-taker driven) and incremental forms of institutional change."
Wolfgang Streeck, Max Planck Institute for the Study of Societies, Cologne:
"This exceedingly well-researched book highlights some of the developments that were later to result in the Great Recession of 2008. It presents a detailed comparative-historical account of the politics of neoliberal corporate governance reform in the United States and Germany. It also contains exciting material for readers interested in institutional change and in the varieties and commonalities of contemporary capitalism."
Peter A. Gourevitch, University of California, San Diego, author of Politics in Hard Times:
"In Public Law and Private Power, John W. Cioffi takes on a big topic with a mixture of theory, description, and vivid, interesting case studies. By comparing the superimportant economies of Germany and the United States, Cioffi provides great value."
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