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Friedman 50 Years Later

Friedman 50 Years Later

Corporations Are Governance Mechanisms, Not Shareholder Toys

Margaret Blair
Milton Friedman’s shareholder credo is simple and catchy but has shaky foundations. Corporate directors and officers are not agents of shareholders and...
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Friedman 50 Years Later

Beyond Friedman’s Doctrine: The True Purpose of the Business Corporation

Martin Lipton
The pandemic and the renewed focus on inequality and injustice arising in the wake of the death of George Floyd have accelerated...
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Friedman 50 Years Later

Market Forces Already Address ESG Issues and the Issues Raised by Stakeholder Capitalism

Eugene F. Fama
When do market forces push firms toward stakeholder goals, rather than just shareholder goals? When do market forces push firms toward ESG...
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Friedman 50 Years Later

Missing in Today’s Shareholder Value Maximization Credo: The Shareholders

Luca Enriques
Today’s corporate world is very different from the one Milton Friedman wrote in. In a world where the question of whether managers...
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Friedman 50 Years Later

Which Problems Should Companies Try to Solve?

Sanjai Bhagat, R. Glenn Hubbard
It is true that capitalism needs to be inclusive in its benefits, but 50 years on, Friedman’s shareholder primacy remains the right...
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Friedman 50 Years Later

“50 Years Later, It’s Time to Reassess”: Raghuram Rajan on Milton Friedman and Maximizing Shareholder Value

Raghuram Rajan
The biggest problem with shareholder value maximization is that it completely turns a tin ear to politics. The alternative is to maximize...
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Friedman 50 Years Later

It Is Time to Move on From Friedman’s View of the Corporation

Stefano Zamagni
The anti-CSR position defended by Friedman would be acceptable only under conditions that have never been met by any real-world economy. Furthermore,...
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Friedman 50 Years Later

Corporations Are Already Plenty Powerful. Stakeholder Capitalism Could Make Them More So

Karthik Ramanna
Encouraging corporations to further step into the role of governments and civil society groups by becoming more "socially focused" risks greater depreciation...
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Friedman 50 Years Later

The Real Effects of Environmental Activist Investing

S. Lakshmi Naaraayanan, Kunal Sachdeva, Varun Sharma
A new study examines the efficacy of climate-focused investor engagements initiated by the New York City Pension System. Its findings support the...
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Friedman 50 Years Later

For Whom Corporate Leaders Bargained: What the Past Can Teach Us About the Questionable Promise of Implementing Stakeholder Capitalism Today

Lucian Bebchuk, Kobi Kastiel, Roberto Tallarita
The debate about stakeholder capitalism should seek to learn from our experience with constituency statutes, which authorized corporate leaders to take into...
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Money in Politics

Healthcare Companies Spent More on Lobbying Than Any Other Industry Last Year

Brooke Fox
Threatened by regulated price caps from congress, the pharmaceutical industry spent nearly $390 million on lobbying in 2021 according to new data...
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Antitrust and Competition

Antitrust and Rule by Judges

Paul Tucker
The early-1980s Posner-Stigler memorandum to incoming president Reagan’s transition team is interesting for a host of reasons, but most of all in...
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Antitrust and Competition

Should the European Union Require Tech Firms to Adopt a Common Charger?

Federico Innocenti, Martin Peitz
According to a new European Commission directive expected to be approved in the next few months, tech firms will have to use...
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News

Chart of the Week: Economists Don’t Think Congress Should Make Price Gouging Illegal

Brooke Fox
Most economists disagree with a new bill in the US that would set limits on "unconscionably excessive prices," according to a recent...
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Antitrust and Competition

Neoliberal Economists Are Giving Biden Bad Advice on Inflation

Hal Singer
To spare the economy from the pain of further interest rate hikes, the President should aggressively pursue anticompetitive conduct by companies in...
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Antitrust and Competition

How Would the Big Tech Self-Preferencing Bill Affect Users? 

Randy Picker
The Senate looks to be nearing a vote on the American Innovation and Choice Online Act, which would prohibit gatekeeping digital platforms...
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News

New eBook Revisits George Stigler’s Theory of Regulatory Capture 50 Years Later

Filippo Lancieri, Luigi Zingales
To mark the 50-year anniversary of George Stigler’s seminal piece, “The Theory of Economic Regulation” we are publishing a new eBook examining...
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