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Until now only because to it yet have not invented the best replacement. [Consideration

Comparative dignities of voting in an economic and political life see:

Charles E. Lindblom, Politics and Markets (New York: Basic Books, 1977), chap.

11. Usually the shareholder acquires corporation shares, management with which to it

It is pleasant, and sells shares of those corporations, management with which it not

Approves. As a result shareholders of any corporation form a certain club

Admirers of a management existing there; in opposition adjusted shareholders,

Which wish to express the relation voting, instead of through stock trading, Face fierce struggle.]

The separate shareholder much to a lesser degree depends on an outcome of the verbal

Fights and an elective competitiveness as here it is very easy to vote

Feet. If it is not pleasant to the investor, as there are affairs, it or it can almost

Instantly and with very small costs to be switched to other company. Such The voting form when market value of shares of corporation, whence leave

Shareholders, falls, and the prices for corporation shares where they leave - grow,

Compels managers of corporations to compete among themselves in attempt better

To satisfy interests of proprietors. The significant part of history of corporations can be stated as

Sequence of attempts to resolve problems of risk of delegation of authorities.

Originally bankers, investors and founders of corporations, pursuing Own and the clients interests, have been hardly interested in the control

Behind management personnel actions. For this purpose they took places in advices

Directors, involved independent auditors and suitable law firms,

Actively participated in a choice of chief managers of the companies, using at

It so-called "circles of old friends". Later, when based in

The corporation beginning of the century have reached a maturity and have found relative independence

From investing in them capitals of bankers, a significant role in risk reduction

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