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Shareholder vs. Stakeholder capitalism

The Social Responsibility of Business Includes Profits

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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Managers Should Satisfy Only the Ethically Permissible Preferences of Shareholders

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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What Stakeholder Capitalism Can Learn From Jensen and Meckling

Jensen and Meckling’s 1976 article is an academic classic, but heavily criticized by stakeholder capitalists for arguing that corporate structures should be...
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Pentagon Report Points to Two Major Risks to National Security: Consolidation and Shareholder Capitalism

A Pentagon report released earlier this month warns that concentrated supply chains, offshoring, and a "business climate that has favored short-term shareholder...
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eBook: Milton Friedman 50 Years Later, a Reevaluation

Over the past couple of months, ProMarket has hosted a lively debate on whether Milton Friedman was right or wrong when he...
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Corporate Responsibility and The Two Minds of Milton Friedman

Milton Friedman had two inconsistent minds: That of an economist and an ideologue. The view that maximizing profits without constraint is a...
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To Make a Difference, Businesses Must Have a Stake in Social Missions

Despite their promises to change the world for the better and remedy social ills, the truth is that corporations are rarely designed...
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Friedman’s Legacy: From Doctrine to Theorem

Friedman was more right than his detractors claim and more wrong than his supporters would like us to believe. However, after 50...
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The Purpose of Business is to Solve Problems of Society, Not to Cause Them

Claims that a stakeholder-focused system of corporate governance cannot succeed in the US are perverse because they take as given that corporations...
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Can Institutional Investors Solve Societal Issues When Governments Fail to Do So?

A new study looks into the social costs associated with private prisons to show that privatization may come with social trade-offs when...
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The Social Responsibility of Business Includes Profits

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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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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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