This book investigates the fundamental tension between corporate managers, shareholders, and the public interest within the framework of American democracy. The authors, drawing on their expertise in business ethics and corporate history, argue that professional managerial ideology has historically functioned as a mechanism to secure autonomy against both shareholder oversight and government regulation. By analyzing the shifting balance of power across different historical eras, the text provides a framework for understanding how institutional investors and regulatory bodies attempt to reconcile private corporate control with broader societal needs.

Experts identify this work as a significant contribution to the study of corporate ethics and the political economy of the firm. Readers frequently note the academic rigor and the historical depth provided by the authors in their analysis of the modern corporation.