Social interaction system within the concept of democratic corporate governance

The system of social interactions within the concept of democratic corporate governance determines the conditions under which stakeholders agree to the introduction of this regime. Based on the social psychology of justice and the political economy of social choice, the article characterizes the role played by democratic procedures in achieving the consent of the governed in modern society. This line of reasoning leads to the assumption that the evolution of corporate governance can also be understood in terms of A. Tocqueville’s hypothesis that democracy eventually prevails in all areas of organized activity. It is emphasized that corporate governance over the course of two centuries of capitalist development has sought to make increasingly widespread use of democratic procedures. Prospects for further research into its evolution are defined in three areas: the granting of electoral rights, the separation of powers and the presence of representations.