The Looming Corporate Calamity by Richard Tudway is a masterful analysis of the evolution of the limited liability corporation from its 19th Century origins to today's crisis in the corporate governance of publicly traded corporations. He argues that structural failures in the modern corporation and abuses of corporate power have triggered a collapse in public confidence. These failures centre on the classic agent/principal problem and the unitary board system common to Anglo American jurisdictions. He outlines what has to be done to reform corporate governance and restore corporate legitimacy. It is a book that needs to be read by all students of business, business leaders, other professionals and citizens at large who seek to understand why public confidence in corporate behaviour has now reached rock bottom. The problems, as he explains, are connected with the evolution of corporate governance principally in Anglo American jurisdictions. In other jurisdictions governance...

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