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"Dumbest Idea in the World": Corporate America's False and Dangerous Ideology

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This book examines and challenges the doctrine of shareholder value. It argues that shareholder value ideology is just that--an ideology, not a legal requirement or a practical necessity of modern business life. United States corporate law does not, and never has, required directors of public corporations to maximize either share price or shareholder wealth. To the contrary, as long as boards do not use their power to enrich themselves, the law gives them a wide range of discretion to run public corporations with other goals in mind, including growing the firm, creating quality products, protecting employees, and serving the public interest.

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