John Quiggin at Crooked Timber links to, and argues against, Judge Posner's opposition to "creative capitalism". Posner says that corporate management has a fiduciary responsibility to shareholders to maximize profits.
Seems to me Posner lacks faith in the free market. I'm aware of few suits by stockholders against management for failing in their fiduciary responsibility. I'm reasonably sure such suits would be criticized by the right for reflecting a litigious society and relying on trial lawyers, the running dogs of the Democrats. The market solution is, obviously, sell the stock. So whether Bill Gates and Prof. Glaeser are right or wrong, the market will determine.
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