Directed by Dr. Doug Rasmussen
Discussion Leader: Dr. Carson Young
Overview
The purpose with this colloquium is to discuss the idea of corporate social
responsibility as well as the question whether primacy in corporate decision
making should be given to just shareholders or all stakeholders. Such
discussion gained traction more recently with a statement released by a prominent
group of corporate executives, the Business Roundtable. This discussion,
albeit, in different dressing, is not a new one, however, and the colloquium
will include a discussion of its historical origins. Determining whether
and how a corporate entity can and should act in a socially responsible way
inevitably requires grappling with fundamental questions about the nature of
the corporation itself: What (or who) really is the corporation? What is its ultimate purpose, and who gets to make decisions about
how that purpose is best achieved?
Sessions & Readings (the IEI will provide the readings to participants):
*) Session 1: The Dodd-Berle Debate
Berle, Jr., A. A. "Corporate Powers as Powers in Trust." Harvard Law Review 44, no. 7 (May 1931): 1049-1074
Dodd, Jr., E. Merrick. "For Whom are Corporate Managers Trustees?" Harvard Law Review 45, no. 7 (May 1932):
1145-1163.
Berle, Jr., A. A. "For Whom are Corporate Managers Trustees?: A Note." Harvard Law Review 45, no. 8 (June
1932): 1365-1372.
*) Session 2: Conflicting Historical Narratives and Business Roundtable Statement on Stakeholder Primacy
Sternberg, Elaine. Corporate Governance: Accountability in the Marketplace, 2nd edition. London: Institute of
Economic Affairs, 2004. Chapters 1 and 6. Page(s): 19-26 and 93-116.
Weaver, Paul H. The Suicidal Corporation: How Big Business Fails America. New York: Touchstone, 1988. Chapters
9 and 10. Page(s): 119-145.
"King Warren of the Roundtable: The
Senator orders the 'stakeholder' CEOs to endorse her agenda." wsj.com.
https://www.wsj.com/articles/king-warren-of-the-roundtable-11570395953 (July
30, 2020). Page(s): 1-3.
"Statement on the Purpose of a
Corporation." Businessroundtable.org. https://opportunity.businessroundtable.org/wp-content/uploads/2019/08/BRT-Statement-on-the Purpose-of-a-Corporation-with-Signatures.pdf (July 29, 2020). Page(s): 1-2.
*) Session 3: The Classical Liberal/Libertarian Pushback and the Dictatorship
of Woke Capital
Friedman, Milton. "The Social Responsibility of Business Is
to Increase Profit"
Manne, Henry G. The Collected Works of Henry G. Manne, Volume III, "First Lecture"
Soukup, Stephen R. The Dictatorship of Woke Capital, Introduction and Chapters 1,2, 5, and Conclusion.
Schedule:
Friday October 21st, 2022 from 4:00 Pm - 9:00 Pm (Snack & Dinner will be provided)
Saturday October 22nd, 2022 from 8:00 Am - 2:00 Pm (Breakfast, Snacks, & Lunch will be provided)
Before you apply be sure you can attend all the event including meals.
