New Owners and Old Managers Lessons from the strongSocialiststrong Camp.pdfVIP

Berkeley Law Berkeley Law Scholarship Repository Faculty Scholarship 1-1-1993 New Owners and Old Managers: Lessons from the Socialist Camp Richard M. Buxbaum Berkeley L aw Follow this and additional works at : /facpubs Part of the Law Commons Recommended Citation Richard M. Buxbaum, New Owners and Old Managers: Lessons from the Socialist Camp, 18 Del. J. Corp. L. 867 (1993), Available at : /facpubs/291 This Article is brought to you for ree and open access by Berkeley Law Scholarship Repository. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of Berkeley Law Scholarship Repository. For more information, please contact jcera@. NEW OWNERS AND OLD MANAGERS: LESSONS FROM THE SOCIALIST CAMP By RICHARD M. BUXBAUM* It is an honor to be asked to deliver this third Francis G. Pileggi Lecture at Widener University School of Law.* It is a further privilege to be addressing members of the Delaware courts in this audience, especially since their cases and articles2 comprise so much of my own reading matter. They have looked at me from the bench before, but not from the audience; all in all, this arrangement is more to my liking. My topic today is taken from the comparative-law corner of corporation law, but bears on the future of American corporation law. It is based, further, on recent practical experiences and events, but bears on the theory, not the practice, of corporation law. Cor- porations, as anyone reading the major law reviews over this past decade cannot help but recognize, have become the darlings of legal theory, rivaling the administrat