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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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Corporate Governance

The Social Responsibility of Business Includes Profits

Alex Edmans
Profits these days are often seen as a dirty word, but it is wrong to demonize profits. A company’s responsibility is not...
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News

Academic Gatekeepers, Real and Imagined, Are Threatening the Credibility of the Field of Political Finance 


Renée Adams
One objective of political finance is to hold power to account. However, gatekeeping, both direct and indirect, is keeping important work from...
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News

A Call for Comments: Have You Been Affected by Academic Gatekeeping?

Luigi Zingales
On Friday, ProMarket published a piece by Renée Adams about the impact of academic gatekeeping in the political finance. Do you have...
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Antitrust and Competition

How Big Data Fuels Big Tech’s Anticompetitive Conduct and Gatekeeping Power

Charlotte Slaiman
Achieving a truly open internet is only possible through robust online competition free from the control of today’s digital gatekeepers like Facebook...
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Antitrust and Competition

The Corporate Power Narrative: How Corporations Benefit from Economic Globalization

Anthea Roberts, Nicolas Lamp
In an excerpt from their new book, Six Faces of Globalization: Who Wins, Who Loses, and Why It Matters, Anthea Roberts and...
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Corporate Governance

Managers Should Satisfy Only the Ethically Permissible Preferences of Shareholders

Santiago Mejia
Oliver Hart and Luigi Zingales have proposed a revision to the dominant model of the objective of the firm, most famously defended...
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Economic History Series

Plagues Upon the Earth: How Wealth Intersects With Mortality

Kyle Harper
Kyle Harper’s new book, Plagues Upon the Earth: Disease and the Course of Human History, shows that the story of disease is...
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