ABSTRACT
This chapter develops a theoretical position that supports the make-believe that there is a kind of harmonious equilibrium in the firm between the capitalists, the wage labourers and the landowners: they all have no power and will receive a just remuneration thanks to the benediction of impartial managers who will get the residual profit. At the beginning of the 20th century, owing to a lack of self-financing for expansionary purposes, large American firms were forced to have recourse to new types of capitalist investors: small shareholders with small stakes. The capitalist small shareholders have maintained their property of the firm but lost their power: property without power. Capitalists have not given up any power but changed the management style imposed on managers in favour of an intensified capitalism.
