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Friedman 50 years later

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

Eugene Fama: When do market forces push firms toward stakeholder goals, rather than just shareholder goals? When do market forces push firms...
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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...
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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...
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“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...
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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...
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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...
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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...
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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...
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The Enduring Wisdom of Milton Friedman

Steven Kaplan: Shareholder value maximization has been extremely successful globally in the way that matters most because, in many cases, maximizing shareholder...
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Shareholders Don’t Always Want to Maximize Shareholder Value

Oliver Hart, winner of the 2016 Nobel Prize for economics, reflects on how the world has changed since Milton Friedman published his famous essay...
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