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By Klaus J. Hopt, Gunther Teubner

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Sample text

In Italy, the era of political constitutionalism was overtaken for the unions in the 1960's by the practice of collective bargaining which became "AngloSaxon" in its vigour; but the "European" element remained, that element in workers' representation through a union which adds a social function to its role in the enterprise: "Workers' representation in the plant must operate within the context of a class vision which is global, something which is possible only if it partakes in the creation of wider areas of consensus" (Giugni and Cafagna, 1976: 68).

N o doubt the arguments with which the Supreme Court rejected the proposition that the Securities Exchange Act's fraud provisions impose a fiduciary duty of "fairness" on all corporate controllers towards minorities might be criticised as inadequately reflecting overall public interest (Santa Fe Inds. Inc. v. Green, 430 U. S. 462 (1977)) — though the reality, according to a minority of commentators, is consistent with "optimal legal arrangements" (Winter, 1978: 7), a race perhaps only to the bottom line.

European trade unions differ inter se greatly. Indeed, it is true that on such issues as "worker directors" there exists a "fundamental identity of view between Marxist doctrine" (as held by the French C. G. ) "and American trade unions" (Kahn-Freund, 1976: 27). But they have all — even the German unions — differed from labour unions in America — and do still, despite the current developments in industrial policy of the AFL-CIO — in bearing within them a challenge to that legitimacy and a demand for qualitatively new dimensions of responsibility.

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