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CORPORATIONS: THE SOCIALIZATION OF COST AND CAPITALIZATION OF GAIN
Again and again, companies that employed droves of brilliant people and had high-priced outside advisers were making decisions that ignored “the well-being of their customers, the depletion of natural resources vital to their businesses, the viability of suppliers, and the economic distress of the communities in which they produce and sell.”
Anand Giridharadas • Winners Take All: The Elite Charade of Changing the World
The principal-agent model of the corporation is associated with a classic Journal of Finance article published in 1976 by business school dean William Meckling and finance economist Michael Jensen. Ambitiously titled “The Theory of the Firm,” the article described the economic problem that arises when the owner of a business or “firm” (the principa
... See moreLynn Stout • The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public
most at odds with the company’s. It is much easier for a firm
Luigi Zingales • A Capitalism for the People: Recapturing the Lost Genius of American Prosperity
Twentieth-century capitalism’s cornerstones shift costs to and borrow benefits from people, communities, society, the natural world, or future generations.
Umair Haque • The New Capitalist Manifesto: Building a Disruptively Better Business
Would-be capitalists were not granted the right to create limited-liability corporations unless they could prove doing so would constitute a clear and incontestable “public benefit” (in other words, the notion of social value not only existed but was inscribed in law)—this usually meant, in practice, only if they were proposing to dig a canal or bu
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