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A developing theme in corporate governance is the extent to which public corporations are expected to play a positive role in society. This is not the first time that corporations have been urged to play a greater public role. During the s, however, this managerialist paradigm gave way to an essentially private conception of the business organization, which quickly became the dominant corporate law paradigm. A variety of recent international corporate governance developments that emphasize corporate culture suggest that the pendulum is again swinging toward a more public conception of the corporation, as a social, rather than a merely economic, entity.
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