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Few law reform efforts in this century have been as controversial as the often bitter fourteen-year battle within the American Law Institute (ALI or Institute) over its efforts to articulate a set of rules about American corporate law. This epic struggle ended on May 13, 1992, when the ALI formally approved the Principles of Corporate Governance I at its annual meeting in Washington. This Article analyzes the law reform process at the ALI from a sociological, anthropological, and public choice perspective. Thus, rather than provide yet another critique of the various substantive provisions of the Principles of Corporate Governance, this Article examines the process of law reform itself.
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