The Failure of Corporate Law: Fundamental Flaws and Progressive Possibilities

No scholarship belongs more on “iceinthehead.com” than that of Kent Greenfield. His 2nd book is equally disruptive of standard assumptions: The Myth of Choice: Personal Responsibility in A World of  Limits.  The rancor of his critics is to me indicative of the fundamental nature of his arguments. He is not gentle with what Galbraith always called “the conventional wisdom.”

The Failure of Corporate Law is not in any way anti-corporation; it is very critical of the private corporation when its purpose is guided by shareholder primacy.  In simple, understandable language, he makes the case that corporations are by their nature public institutions with public implications, and hence they should be guided by public needs, including those of consumers, workers and future generations.  My thumbnail sketch would be that the book is a critique of corporate law as being as anti-democratic as sharp inequality surely is.

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