Word: rostow
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Dates: during 1960-1969
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Belgium is undoubtedly in the most trying position of anyone in this business, and she is evidently, feeling the pinch. W. W. Rostow's thesis that a colonial mother country's problem is not so much to colonize as it is to clear out of its colonies is justifying itself in a manner intolerable to Premier Eyskens. The Premier regards Lumumba as the worst type of new nationalist leader, and Tshombe as a nice, cooperative sort of chap whose policies seem likely to keep everyone perfectly tranquil...
With the change in the corporation's stature, points out Eugene V. Rostow, dean of the Yale Law School, the public image of it has drastically changed. Once, the corporation was symbolized by "a grim and energetic tyrant, single-mindedly driving his staff on to new feats of money-making." Today it proudly boasts of its duties to society, gives out scholarships to deserving students, sparks fund drives, joins in community affairs...
...this change all to the good? Not at all, says Dean Rostow. It has put the corporation in danger of forgetting that its real business is making money for its stockholders. While not sweeping away legitimate social advances, he gives the back of his hand to the idea that a corporation has any other prime duties, calls it "bewildering balderdash." For example, despite all the current calls for corporate statesmanship in price setting, he insists that prices should not be set on the basis of public or political policy, but on the needs of the corporation and what the market...
...their money is used. Large stockholders, who might wield power, often dodge the issue. If dissatisfied, they simply sell out and put their money elsewhere. The one man who is still a threat to unbridled corporate power is the raider. Though he is now considered "almost illegal," says Dean Rostow, he performs a useful service by getting rid of deadhead management, or even by carrying on a fight that frightens management into reform. One suggestion for restoring the stockholders' voice: trustees to vote their shares, watch out for their interests...