“Company law is about capitalism”; so begins Dr. Tom Hadden’s new edition of “Company Law and Capitalism”, conveying in its initial impact the somewhat emotive basis of his approach.

The book opens to reveal that style which is so unique among company law texts, and so much to be desired. The superb presentation maintained throughout the volume will be appreciated by students, practitioners and laymen alike.

Dr. Hadden has adopted a revolutionary approach by concentrating upon three specific types of company: the small business, the larger unquoted “family” company and the vast, modern, quoted corporation. A discussion in the first part of the text on the development of the highly topical and controversial multinational corporations is complemented by a probing set of suggested reforms in the final part. Dr. Hadden’s general proposals for reform of the areas under consideration are indeed convincing, and he is also able to demonstrate how modern economic and commercial developments have already superseded the original concepts of the nature of capitalism as epitomised by company law.

Of vital importance, and a major facet underlining the complete revision of the book, is the critique of the recent Bullock proposals, viewed in comparison with the experiences of worker-directors and works councils in Germany. Dr. Hadden shows that the German approach is the most down-to-earth, and he suggests that the concept of worker-directorships will not be viable in practice until all employees are given a direct share in investment profits.

In addition to the standard legal material, Dr. Hadden includes areas of contemporary importance such as an explanation of inflation accountancy and a discussion on co-operatives and communes. A complete part is allocated to the concept and possible effects of a “mixed” economy.

While obviously not intended simply as a legal textbook, much of the material being over-detailed for a first encounter with company law, it is hoped that Dr. Hadden’s work will find its way not only into the hands of radical social thinkers, but also that its somewhat thought-provoking title will not prevent it from being appreciated by the more moderate among us, for what it is: a work of understanding and great foresight.