The modern theory of the firm is the theory of the public company: obsessed with questions such as transaction costs but blind to questions of transmitting wealth to future generations. In numerical terms, this emphasis on the public company is clearly a mistake. Its triumph is limited to the Anglo-Saxon world. The economies of most of the rest of the world-developed as well as emerging-continue to be dominated by family-focused businesses that control a wide range of companies, not just individual firms.
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