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85 Can. B. Rev. 1 (2006)

handle is hein.journals/canbarev85 and id is 1 raw text is: Vol. 85 July 2006 juillet No. 1 CORPORATE LAW AND THE ROLE OF CORPORATIONS IN SOCIETY: MONISM, PLURALISM, MARKETS AND POLITICS Ian B. Lee* In light of the Supreme Court's decision in Peoples Department Stores v. Wise, the author examines the debate in corporate law as to whether corporate managers should be concerned exclusively with the pursuit of wealth for the stockholders, or whether they should be thought of as having a broader mandate. Although the normative debate has been inconclusive within the corporate law academy, the author argues that it may usefully be recharacterized as a debate about the respective roles of two modalities of social decision-making: markets and politics. The advantage of this redescription is that it brings to the fore considerations that are overlooked or misconceived in the debate as it is conventionally structured. A la lumi~re de la dcision rendue par la Cour supreme dans l'arret Peoples Department Stores c. Wise, l'auteur se penche sur la question de savoir si, en droit des socitds, le mandat des dirigeants d'entreprise devrait se limiter i la recherche de profits pour les actionnaires ou si ce mandat devrait s'&tendre i d'autres objectifs. Bien que le d'dbat normatif n'ait pas abouti i un consensus sur cette question parmi les universitaires en droit des socitds, l'auteur soutient qu'il serait utile de repenser le probl~me en termes des r6les respectifs de deux modalitds de prise de dcisions sociales, qu'on peut nommer les marchcts et les politiques. L'avantage d'une telle rdorientation du ddbat est qu'elle met en &vidence certaines considdrations qui sont souvent occultdes ou mal interprtdes dans le ddbat tel qu'il est actuellement structural. * Faculty of Law, University of Toronto. The author thanks Heidi Libesman and two anonymous reviewers for their comments. THE CANADIAN BAR REVIEW LA REVUE DU BARREAU CANADIEN

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