Summary of Firm Commitment

Why the Corporation Is Failing Us and How to Restore Trust in It

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Firm Commitment book summary
The modern corporation: good or evil?

Rating

8 Overall

7 Importance

8 Innovation

7 Style

Recommendation

The corporation has immense potential for good, but it must reinvent itself. Corporate fraud, environmental disasters, collapsing industries and financial meltdowns have been common events since the beginning of this century. Corporate operation is fundamentally flawed, but most solutions ignore the complex realities of how corporations function and who they serve. In this important, challenging work, Oxford professor Colin Mayer philosophically examines the arcane policies that brought economies to the brink and explains how corporations can become powerful wealth-creating forces for social benefit. getAbstract recommends Mayer’s thoughtful – if sometimes a bit dry – essay to the layperson interested in financial systems and the inner workings of corporations, and to corporate leaders and government officials seeking to create better governance and regulatory policies.

In this summary, you will learn

  • How corporations operate today and why
  • What’s gone wrong with the Western corporate model
  • What can fix it
 

Summary

The Corporation: Past and Present
The 17th century founder of Barclay’s Bank, John Freame, built his company on Quaker principles. Hundreds of years later, Mayer Lehman, founder of Lehman Brothers, often took his children to visit sick, underprivileged patients in New York’s Mount Sinai...
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About the Author

Colin Mayer is a consultant and a professor at the Saïd Business School, University of Oxford, where he served as dean from 2006 to 2011.


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