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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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Stigler’s Interest-Group Theory of Regulation: A Skeptical Note

Cass Sunstein
As a rule, regulation is not acquired by “the industry,” and it is not designed and operated primarily for its benefit. The...
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Antitrust and Competition

The Durable Impact of Stigler’s Theory of Economic Regulation

Sam Peltzman
George Stigler’s “The Theory of Economic Regulation” was an early application of public choice reasoning to a practical problem—the work of regulatory...
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Economic Regulation After George Stigler

Filippo Maria Lancieri, Luigi Zingales
George Stigler’s “The Theory of Economic Regulation” has left a lasting impact on the academic and real-world practice of regulatory policy. Fifty...
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Female Academics Are Disproportionately Affected By Covid-19 Disruptions In Childcare

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A new paper finds that academics who are parents to young children, and especially mothers, have lost a significant amount of research...
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Antitrust and Competition

Rethinking Competition: From Market Failures to Ecosystem Failures

Michael G Jacobides, Ioannis Lianos
Despite the overwhelming importance of digital platforms, and the chatter around their recent rise, our understanding of digital ecosystems is still limited....
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A Famed Economist’s Public Company U-Turn

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Michael Jensen, a leading late 20th century economist, pivoted from praising public companies in the 1970s to assailing public company governance in...
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Chinese Antitrust 2.0: Why Is China Going After Its Big Tech?

Jana Kasperkevic
In an interview with ProMarket, Angela Huyue Zhang, author of a new book Chinese Antitrust Exceptionalism, discusses the motivations behind the recent...
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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.

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