The Riddle of the Great Pyramids

摘要: Large pyramidal family controlled business groups are the predominant form of organization outside America, Britain, Germany, and Japan. comprising dozens, even hundreds, or listed unlisted firms place governance large swathes many countries' big sectors in hands a few their wealthiest families. These structures plausibly substitute for weak market institutions economies undergoing rapid early-stage industrialization. They may also governments coordinating Big Push growth programs to establish numerous interdependent simultaneously. However, no such role is evident developed slowly growing developing economies, where appear prone agency problems political rent-seeking. If sufficiently large, they add economy volatility by rendering risk misgovernance systematic, rather than firm-specific.