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	<title>The Harvard Law School Forum on Corporate Governance</title>
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	<title>Some Thoughts on the Business Roundtable’s Statement of Corporate Purpose &#8211; The Harvard Law School Forum on Corporate Governance</title>
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		<title>Some Thoughts on the Business Roundtable’s Statement of Corporate Purpose</title>
		<link>https://corpgov.law.harvard.edu/2020/10/07/some-thoughts-on-the-business-roundtables-statement-of-corporate-purpose/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=some-thoughts-on-the-business-roundtables-statement-of-corporate-purpose</link>
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		<pubDate>Wed, 07 Oct 2020 12:55:17 +0000</pubDate>
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				<category><![CDATA[Academic Research]]></category>
		<category><![CDATA[Comparative Corporate Governance & Regulation]]></category>
		<category><![CDATA[Corporate Social Responsibility]]></category>
		<category><![CDATA[ESG]]></category>
		<category><![CDATA[Business Roundtable]]></category>
		<category><![CDATA[Corporate purpose]]></category>
		<category><![CDATA[Institutional Investors]]></category>
		<category><![CDATA[Shareholder primacy]]></category>
		<category><![CDATA[Shareholder value]]></category>
		<category><![CDATA[Stakeholders]]></category>

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		<description><![CDATA[From time to time in the last 150 years, a socialist impulse has taken hold among a significant segment of the U.S. population. This impulse was a primary driver behind the 1880s populists’ movement and among progressives in the 1910s. It was dominant ideology among socialists in the 1930s and among young radicals and intellectuals [&#8230;]]]></description>
				<content:encoded><![CDATA[<hgroup><em>Posted by John F. Cogan (Hoover Institution), on Wednesday, October 7, 2020 </em><div class='e_n' style='background:#F8F8F8;padding:10px;margin-top:5px;margin-bottom:10px;text-indent:2.5em;'><strong style='margin-left:-2.5em;'>Editor's Note: </strong> <p style="margin:0; display:inline;"><a href="https://www.hoover.org/profiles/john-f-cogan">John F. Cogan</a> is the Leonard and Shirley Ely Senior Fellow at the Hoover Institution. This post was authored by Mr. Cogan; <a href="https://www.hoover.org/profiles/george-p-shultz">George P. Shultz</a>, Thomas W. and Susan B. Ford Distinguished Fellow at the Hoover Institution; <a href="https://profiles.stanford.edu/michael-boskin">Michael J. Boskin</a>, the Tully M. Friedman Professor of Economics and Senior Fellow at the Hoover Institution; and <a href="https://web.stanford.edu/~johntayl/index.html">John B. Taylor</a>, the Mary and Robert Raymond Professor of Economics at Stanford University. Related research from the Program on Corporate Governance includes <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3544978">The Illusory Promise of Stakeholder Governance</a> by Lucian A. Bebchuk and Roberto Tallarita (discussed on the Forum <a href="https://corpgov.law.harvard.edu/2020/03/02/the-illusory-promise-of-stakeholder-governance/">here</a>); <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3677155">For Whom Corporate Leaders Bargain</a> by Lucian A. Bebchuk, Kobi Kastiel, and Roberto Tallarita (discussed on the Forum <a href="https://corpgov.law.harvard.edu/2020/08/25/for-whom-corporate-leaders-bargain/">here</a>); and <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3461924">Toward Fair and Sustainable Capitalism</a> by Leo E. Strine, Jr (discussed on the Forum <a href="https://corpgov.law.harvard.edu/2019/10/01/toward-fair-and-sustainable-capitalism/">here</a>).</p>
</div></hgroup><p>From time to time in the last 150 years, a socialist impulse has taken hold among a significant segment of the U.S. population. This impulse was a primary driver behind the 1880s populists’ movement and among progressives in the 1910s. It was dominant ideology among socialists in the 1930s and among young radicals and intellectuals in the 1960s. Today, there is a similar collectivist sentiment running through America. Although most Americans do not favor government control over the means of production, a significant portion of the population appears to prefer that government, rather than the private sector, be given primary control over the U.S. economy or important parts of it. In a recent poll, 44% favored government control over health care, 35% favored government control over wages of workers, and 33% favored economy-wide government controls.</p>
<p>Today, as in the past, the collectivist sentiment is fueled by resentment against a system that they see as having treated them unfairly, distrust of public and private institutions, and a utopian belief that human nature can be changed to make the world a better place. The American left has developed a strong anti-business sentiment and progressive politicians are calling for extensive regulation of business activities, confiscatory taxes on the wealthy, and a general redistribution of income.</p>
<p> <a href="https://corpgov.law.harvard.edu/2020/10/07/some-thoughts-on-the-business-roundtables-statement-of-corporate-purpose/#more-133358" class="more-link"><span aria-label="Continue reading Some Thoughts on the Business Roundtable’s Statement of Corporate Purpose">(more&hellip;)</span></a></p>
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