Gardiner Means

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Means, Gardiner


Born June 8, 1896, in Windham, Conn. American economist. Member of the American Economic Association, the American Statistical Association, and the Econometric Society.

Means wrote about monopolies and their influence on social life. In the 1930’s he criticized monopolies; however, he later came to the defense of large corporations. In the 1960’s, Means advanced the theory of so-called collective capitalism, according to which modern corporations are not private but collective enterprises and serve the interests of society. The theory of collective capitalism is one of the apologetic theories that seek to conceal the real essence of modern state-monopoly capitalism.


The Modern Corporation and Private Property. New York, 1933. (In collaboration with A. A. Berle.)
The Structure of the American Economy, parts 1–2. Washington, 1939–40.
“Collective Capitalism and Economic Theory.” Science, 1957, vol. 126, no. 3268.
Pricing Power and the Public Interest. New York [1962].
The Corporate Revolution in America. [New York, 1962.]


References in periodicals archive ?
Discussions about good corporate governance derived from agency theory in 1932 when it was developed by Adolf Berle and Gardiner Means.
Concern about this dates back at least to 1932 when Adolf Berle and Gardiner Means observed that large companies are primarily controlled by a new class of professional managers because ownership is dispersed among thousands of shareholders, each of whom owns only a small fraction of the shares.
In 1932, Adolph Berle and Gardiner Means added that professional managers, not owners, exercised the day-to-day management of the corporation, necessitating a board of directors to protect shareholders' interests.
Ironically, the vast separation of ownership from control in large modern corporations first identified by Adolph Berle and Gardiner Means in 1932, may promote the maximization of social welfare by insulating corporate management from the myopic pursuit of shareholder goals.
Milton Friedman, Robert Reich, Adolf Berle and Gardiner Means, among many others, provide the foundation for a substantial portion of the book.
This was the "managerial revolution," identified by Adolph Berle and Gardiner Means in their 1932 landmark study of corporate governance.
It strongly attacks the view of corporate development propounded by Adolf Berle and Gardiner Means.