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Friedman 50 Years Later

Capitalisn't

eBook: Milton Friedman 50 Years Later, a Reevaluation

ProMarket writers
Over the past couple of months, ProMarket has hosted a lively debate on whether Milton Friedman was right or wrong when he...
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Commentary

Friedman’s Legacy: From Doctrine to Theorem

Luigi Zingales
Friedman was more right than his detractors claim and more wrong than his supporters would like us to believe. However, after 50...
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Friedman 50 Years Later

The Purpose of Business is to Solve Problems of Society, Not to Cause Them

Colin Mayer, Leo E. Strine, Jr, Jaap Winter
Claims that a stakeholder-focused system of corporate governance cannot succeed in the US are perverse because they take as given that corporations...
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Friedman 50 Years Later

Can Institutional Investors Solve Societal Issues When Governments Fail to Do So?

Eyub Yegen
A new study looks into the social costs associated with private prisons to show that privatization may come with social trade-offs when...
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Friedman 50 Years Later

Bringing Ethics Back to Friedman’s Call to Purpose for the Next 50 Years

J.S. Nelson
Fifty years ago, Friedman compellingly presented his argument for shareholder primacy. But as currently implemented, shareholder primacy threatens the unifying purposes that...
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Friedman 50 Years Later

Milton Friedman and the Need for Justice

Anat Admati
Milton Friedman predicated his shareholder value maximization credo on the strong implicit and explicit assumptions that the rules of society protect stakeholders...
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Friedman 50 Years Later

There Is a Direct Line from Milton Friedman to Donald Trump’s Assault on Democracy

Martin Wolf
Milton Friedman believed that corporations have a social responsibility to play within the rules of the game. But corporations aren’t just players...
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Friedman 50 Years Later

Strength in Numbers: Using Data to Track Diversity and Inclusion

Marianne Bertrand, Caroline Grossman, Mekala Krishnan
Recent protests against racism and police brutality, along with the #MeToo movement, have increased pressure on businesses to measure and improve their...
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Friedman 50 Years Later

Shareholder Value and Social Responsibility Are Not At Odds

Mary K. Bush
Being socially responsible can, and frequently does, make good business sense. There are plenty of opportunities for companies to do well by...
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Friedman 50 Years Later

A Challenge for Stakeholder Capitalism: Solving the Paradoxes of Voting

John G. Matsusaka
If corporations are to maximize shareholder welfare, managers need to discover what shareholders value; political theory shows how difficult this can be.
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News

Delaware: The State Where Companies Can Vote

Hal Weitzman
Adapted from What’s the Matter with Delaware: How the First State Has Favored the Rich, Powerful, and Criminal—and How It Costs Us...
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Antitrust and Competition

The NCAA Goes After College Athletes’ NIL Money—Here are the Antitrust Implications for Workers and Consumers

Ted Tatos
Having lost in the Supreme Court on student-athlete academic benefits, the NCAA has signaled a continuing attempt to suppress competition in the...
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Corporate Governance

Have Business Roundtable Companies Lived Up to Their Stakeholder Commitments?  

Lucian Bebchuk, Roberto Tallarita
In 2019, more than 100 CEOs of US public companies signed a Business Roundtable statement in which they pledged to deliver value...
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Inequality

Do Protests Matter At All for Shifting Government Policy Around Economic Redistribution?

Belinda Archibong
New research on the effectiveness of protests on government distributions provides insights into the political incentives of a country’s leadership and the...
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Antitrust and Competition

Mergers and Smoking Guns

Erik Peinert
A recently uncovered memo from George Stigler and Richard Posner reveals how they thought about antitrust and merger policy in advising the...
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Corporate Governance

Will “Portfolio Primacy” Throw a Monkey Wrench in Elon Musk’s Plans to Acquire Twitter?

Bernard Sharfman
The SEC's definition of fiduciary duty allows institutional shareholders to vote against Elon Musk's Twitter takeover bid thanks to portfolio primacy.
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Antitrust and Competition

How Europe Can Enforce the Digital Markets Act Effectively 

Alexandre de Streel, Fiona Scott Morton, Jacques Crémer, Amelia Fletcher, Paul Heidhues, Giorgio Monti, Rupprecht Podszun, Monika Schnitzer
As the European Commission gets ready to embark on the complicated task of implementing the recently agreed-upon Digital Market Act, which would...
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