"Berle's Conception of Shareholder Primacy" by Fenner Stewart Jr.
Part II of this Article briefly reviews the history of Berle as a young man. It then introduces Berle's theory of the corporation and how this theory plays out in his early endorsement of shareholder primacy from 1923 to 1926. Part III explores the development and content of The Modern Corporation and Private Property, with particular emphasis on the relationship between the book and the Berle–Dodd debate. Part IV provides a fresh analysis of the debate. Part V contextualizes Berle's thoughts on shareholder primacy within the rise of finance as an organizing force not only for the firm, but also for the rest of society. Finally, Part VI offers a concluding thought.
Fenner Stewart Jr., Berle's Conception of Shareholder Primacy: A Forgotten Perspective For Reconsideration During the Rise of Finance, 34 SEATTLE U. L. REV. 1457 (2011).