Embracing stakeholder capitalism on a global scale would only magnify the already-yawning gap between Davos man and everyone else.
- What should be the purpose of the for-profit corporation? Debate over this question has ignited yet again, and is the subject of this month’s Liberty Forum. George Mocsary’s lead essay “The Future of Shareholder Wealth Maximization” argues both that shareholder wealth is the bedrock of corporate law and for the efficacy of shareholder wealth as the norm for corporate activity in that it affords individuals the best possible latitude and security for entering into productive association with one another. Alexei Marcoux has the first response essay “For Shareholder Wealth Maximization, Against Corporate Purpose.” Cynthia Williams, co-editor with Peer Zumbansen, of The Embedded Firm: Corporate Governance, Labor, And Finance Capitalism, will respond next week.
- The current Liberty Law Talk is with Justin Dyer on his new book, Slavery, Abortion, and the Politics of Constitutional Meaning.
- Shruti Rajagopolan reviews Why Growth Matters in our feature book essay this week:
“Redistribution, as distinct from growth, cannot be the answer to removing poverty. In countries such as India, China, and Brazil, the large numbers of poor mean that redistribution will do little and that, too, will not be sustainable. … The pie has to grow; growth is a necessity.” So Jagdish Bhagwati and Arvind Panagariya begin their analysis on ‘Why Growth Matters’ and the lessons India and other developing countries can learn from Indian successes, failures, and missed opportunities for economic growth.
- I suppose we will have to keep making this case for time immemorial: Robert Murphy @ Econ Lib on Why Government Doesn’t and Can’t Manage Resources Like a Private Business.
- T.P. Carney on the crony capitalism behind the contraceptive mandate.
- Richard Epstein’s preview of the Classical Liberal Constitution (link no longer available).
- Don’t miss Michael Totten’s original reporting on Havana, a once beautiful city.