Uniformity in modes of regulation and governance is now widely debated. The predominant thesis is that there should be a superior model promoting optimality by disclosure of information and transparency. But today, this thesis is greatly contested, since the adoption of a unique and universal...

The basic sub-text or conjecture of this paper is that an adequate economics of the firm should be historically relevant. The terms “adequate” and “relevant” imply, in the current context, that theoretical frameworks allow explanation of historical developments rather than a...