Conclusion
Are pyramids built for eternity? If not, what can terminate them?We have discussed the
following alternative terminations rules. The Anglo-American solution (active policies
to dismantle pyramidal business groups) have been found effective. Tripartite solutions
co-opt business group families in a “tripartite” bargain with big labor and big government
that limits controlling shareholders’ power and freedom of action. However, we
observed problems with tripartite solutions inWestern Europe, Canada and Australia in
the 1970s. These solutions lead to socially unstable corporate structures in the long-run,
because prospective entrepreneurs, the young, and the unemployed are outside the
tripartite bargain.