The Goals of the Corporation and the Limits of the Law

What should be the purpose of the public corporation?  Over the last few years, that has become an increasingly open and contested question, as evidenced by the recent statements of the corporate sector itself, the practice of B corporations like Kickstarter or Patagonia, which pledge a concern for broader goals, and the attentions of Columbia Law Professor Jeffrey Gordon.

I wanted to use the renewed debate to take a look back at a classic defense of the shareholder value maximization model,  “The End of History for Corporate Law,” published in 2000 by professors Reinier Kraakman and Henry Hansmann, then … Read more