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Corporate Friction: How Corporate Law Impedes American Progress and What to Do about It

Corporate Friction: How Corporate Law Impedes American Progress and What to Do about It

Authors
Publisher Cambridge University Press
Year 2018
Pages 220
Version paperback
Readership level Professional and scholarly
Language English
ISBN 9781316637173
Categories Corporate governance & responsibilities
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Book description

Corporate law in the United States requires directors to manage firms in the interests of shareholders, which means never sacrificing profits in service of other stakeholders or interests. In this timely, groundbreaking book, David Yosifon argues that this rule of 'shareholder primacy' is logically, ethically, and practically unsound, and should be replaced by a new standard that compels directors of our largest corporations to manage firms in a socially responsible way. In addition to summarizing existing debates on the issue - and giving special attention to the Supreme Court's decision in Citizens United - Yosifon explores the problem of corporate patriotism and develops a novel approach to the relationship between corporate law and consumer culture. The book's technical acumen will appeal to experts, while its engaging prose will satisfy anyone interested in what our corporate law does, and what it should do better.

Corporate Friction: How Corporate Law Impedes American Progress and What to Do about It

Table of contents

Introduction; 1. Apologies for our system; 2. Critique of shareholder primacy; 3. The Citizens United gambit in corporate theory; 4. The actual law of corporate purpose; 5. Corporate patriotism; 6. Corporate law and the confusion of consumer culture; 7. Foreign models of corporate governance; 8. A socially responsibly corporate governance standard; Conclusion.

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