The rise of “stakeholder capitalism” has been widely noted, but imperfectly understood.
If you would like to learn more about stakeholder capitalism, its history, and current realities, below is a curated list of readings and podcasts on the stakeholder topic.
Historically Important Readings
- Capitalism and Freedom
Milton Friedman
University of Chicago Press, 1962 - "The Social Responsibility of Business is to Increase its Profits"
Milton Friedman
The New York Times Magazine, 1970 - “Production, Information Costs, and Economic Organization”
Armen A. Alchian and Harold Demsetz
The American Economic Review, 1972 - "The Role of Market Forces in Assuring Contractual Performance"
Benjamin Klein and Keith B. Leffler
Journal of Political Economy, 1981 - ‘‘An Economist’s Perspective on the Theory of the Firm’’
Oliver Hart
Columbia Law Review, 1989 - "The Illusory Promise of Stakeholder Governance"
Lucian Bebchuk and Roberto Tallarita
Cornell Law Review, 2020