At the beginning of the twenty-first century, the structure of
corporate ownership is undergoing major change. "The Rise of
Fiduciary Capitalism" chronicles the rise of fiduciary
institutions--primarily public and private pension funds--which now
own almost 50 percent of the equity of American corporations. In
turn, approximately 50 percent of Americans either own stock
individually or, more typically, have an ownership or retirement
interest in these fiduciary institutions. James P. Hawley and
Andrew T. Williams argue that, because of their extensive
diversification of ownership, fiduciary institutions have become
"universal owners" with a significant stake in a broad
cross-section of the largest publicly traded firms in the economy.
Forced to evaluate portfolio-wide effects of individual firm
actions, these institutions have a quasipublic policy interest in
the long-term health and wellbeing of the whole society. As
universal owners, fiduciary institutions are in a unique position
to develop and pursue policies of virtuous efficiency, minimizing
negative externalities and encouraging positive outcomes by the
firms in their portfolios. In this way, they have the potential to
make the firms in which they own stock more responsive to the needs
of the Americans to whom they are responsible and thereby make
those firms more democratic."The Rise of Fiduciary Capitalism"
investigates the nature of property and ownership in the modern
corporate setting, the effects of the decline of traditional,
personally held property in equity form, and the governance
implications of the developing new form of corporate ownership.
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