Cameron Teschuk

Document Type

Book Review


David Yosifon's first book, Corporate Friction: How Corporate Law Impedes American Progress and What To Do About It, provides a unique perspective on the corporate purpose debate. The corporate purpose debate can be summarized as a search for the answer to a seemingly rudimentary question: “For Whom is the Corporation Managed”? Yosifon presents a well-researched argument that U.S. corporations should be managed for the best interest of stakeholders, opposed to shareholders. This distinction is known as the shareholder-stakeholder best-interest trade-of. Yosifon supports his argument with a refned analysis of the assumptions and norms that have led to a shareholder-centric model of corporate governance in the United States and its impact on “American progress.”

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