type here...

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...
Read more
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...
Read more
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...
Read more
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...
Read more
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...
Read more
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...
Read more
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,...
Read more
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...
Read more
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...
Read more
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...
Read more
123Page 2 of 3

Latest news

Antitrust and Competition

Antitrust Misunderstands Innovation. This is how we fix it.

Ketan Ahuja
Antitrust misunderstands innovation by focusing almost entirely on incentives to innovate to the neglect of questions regarding the ability to innovate through...
Read more
Digital Platforms

How Should the Law Tackle Rapidly Evolving Financial Technologies?

Oscar Borgogno, Giuseppe Colangelo, Cristina Poncibò
The last half-century has witnessed an explosion of technology changing how the financial landscape functions for customers and new and legacy banking...
Read more
News

The Road to Hayek: A Comprehensive History of Neoliberalism’s Forefather

Bruce J. Caldwell, Hansjoerg Klausinger
In their first of two volumes, historians of economics Bruce Caldwell and Hansjoerg Klausinger access new archival material to explore the first...
Read more
News

International Policymaking Must Evolve

Paul Tucker
In this Q&A about his new book for ProMarket, Paul Tucker explains the changing global order and the need for academics, policymakers...
Read more
ESG

Capitalism Does Not Require a Tradeoff Between Planet and Profit

Alessio Terzi
Critics of capitalism claim that the economic system incorrigibly encourages the exploitation of the planet and is thus incompatible with efforts to...
Read more
Academic Capture

Event Notes: Academic Bias Under the Microscope

Andy Shi
That scholarship often reflects conscious and unconscious biases has long been an open secret in academia. On April 22, Professors Christian Leuz,...
Read more
Commentary

Corporations Are Not “We the People”

Geoffrey R. Stone
The Citizens United ruling contradicts the Founders, decades of Supreme Court precedent and the will of the American people.
Read more
View All

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.

About Us

Categories

What we are readingAntitrust and CompetitionNewsRegulatory CaptureMediaRent seeking