Gatekeeping and our moral fabric: Has social capital deterioration vanquished professional oversight?

Abstract

Social capital deterioration in the USA, and indeed throughout the world, has had considerable impact on professional service firms (PSFs). Governmental entities at various levels have enacted new laws and regulations (e.g. the Sarbanes Oxley and Dodd-Frank Acts in the USA) to help ameliorate this situation, but to relatively little avail. Traditional gatekeeping functions of PSFs seem to be deteriorating. Is there hope for the future? This article addresses that issue in the context of work by drawing on the insight and research of Robert Putnam and John Coffee and encouraging advancement of multiple agency theory and governance for today’s world.