Michael Woronoff reviewed my #book "The Profit Motive: Defending Shareholder Value Maximization" for Commentary Magazine.
Review: https://lnkd.in/gFYRJphc
Buy the book: https://amzn.to/3A400Xe
"The book is both descriptive and prescriptive. The first half addresses whether current corporate law requires (or even allows) a corporation’s management to benefit anyone at the expense of its stockholders....
"In the second half of his book, Bainbridge addresses the “ought” question, arguing flat out that shareholder primacy is preferable to stakeholder capitalism. ....
"If I have any quibble with Bainbridge’s book, it’s that he could spend a bit more space making the positive case for shareholder primacy. It’s not that he doesn’t make the case at all. It’s just that he spends the bulk of his argument cataloging the many defects of the alternative. "But my quibble is minor. Bainbridge has provided an enthusiastic and well-reasoned defense of shareholder wealth maximization, one that has become increasingly necessary as attacks against the norm have increased."
It's a fair quibble. I could have spent more time on the positive case. But I intended the book mainly as a rebuttal to all the bad arguments out there. In any case, I'm very grateful for the thoughtful and detailed #review.
