A couple days ago I received season's greetings from Prof. Dore by mail, along with a summary of his new book, which I had heard about directly from him from time to time. Now that I bought and read it earlier today, I am convinced that this is one of the most important books ever published about corporate governance in Japanese business. In fact, there are some indications that more and more business leaders are accepting Prof. Dore's position and rejecting the widespread view that favors stockholders over other stakeholders. His persistence in maintaining and developing the dissenting view deserves high praise and deep respect.
The following is from the introductory part of the book: "In explanation of the title (literally 'for whose benefit should [the law] prescribe the corporation to be'), the preface explains that it was chosen to emphasize the fact that, contrary to most discussions of corporate governance, there is no model of an essential or proper form of capitalism which the law should embody. Company law in any country is the product of clashing domestic interests and values, within the framework of that country’s modal political values and cultural predispositions."