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18 Berkeley Bus. L.J. 1 (2021)
Technology vs Ideology: How Far Will Artificial Intelligence and Distributed Ledger Technology Transform Corporate Governance and Business?

handle is hein.journals/berkbusj18 and id is 4 raw text is: Technology vs Ideology: How Far will Artificial Intelligence and Distributed Ledger Technology Transform Corporate Governance and Business? Iris H-Y Chiu* and Ernest WK Lim** Introdu ction .................................................................................................... . . . . 2 I. Three Levels of Change Wrought by CorpTech ............................................... 4 A. Short Primer on Al and its Development .......................................... 4 B. Short Primer on DLT and its Development....................................... 8 C. Three Levels of Changes brought about by CorpTech.................... 11 1. Increm ental/Facilitative Al......................................................... 13 2. Incremental/Facilitative DLT .................................................... 17 3. R adical/D isruptive A l................................................................ 21 a. Who bears the responsibility or liability for harm? ....... 21 b. Should Al be treated as a legal person?............................. 24 c. R ights for A l?.................................................................... 25 4. Radical/D isruptive DLT ........................................................... 26 a. Shifts in structure of economic agency and implications for the corporate econom y ............................................................. 26 b. New governance needs, structures and norms ................... 28 5. Fundamental/Structural Changes Led by Al, DLT or Both.......... 30 II. An Institutional Theory of Corporate Law Reform......................................... 35 A. Theoretical Drivers for Institutional Change in Response to Technological Change .................................................................... 35 1. Impact of Power Structures and Incentives ............................... 36 2. B ottom -up Structures ............................................................... 37 3. Organizational M ediation ........................................................ 37 4. Government or Policy Leadership ............................................. 38 5. Tem poral Conditions.................................................................. 38 B. Theoretical Drivers for Change in Corporate Law and Governance ... 39 C. Shareholder Primacy and Minority Shareholder Protection............ 39 D. Shareholders vs Management and the Political Economy............... 42 E. Shareholders vs Stakeholders ........................................................... 43 F. The State as the Shareholder ........................................................... 44 G. Other Social Penetration into Corporate Law.................................. 45 DOI: https://doi.org/10.15779/Z38N87309H. *. Professor of Corporate Law and Financial Regulation, University College London (UCL). **. Associate Professor of Law, National University of Singapore. We are thankful to the research assistance of Sathya Kumar. All errors and omissions are ours. 1

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