William Roy's conception of the contemporary corporation focuses on the merger wave of the 1890's during which which many large firms turned to public capital markets to facilitate mergers. The change that occurred in corporations was when they went from a public sphere to a private sphere. Two sectors, manufacturing and financial, came together at this time. In this book Roy criticizes the efficiency theory and relies heavily on the power theory. He felt that with the efficiency theory, anything that was done was done to maximize profits at that given time in history. …
