We don’t need to outlaw the stock market or loans, we just need to change the priorities. Right now, the Board of Directors of a public corporation are obligated by law to make the entire corporate mission to serve the stock price. If they don’t, they can be sued by the stock holders, and they will sue. So they don’t have a choice but to keep doing ANYTHING that makes the stock price go up.
That was decided in Dodge vs Ford , and Shareholder Primacy has been the law ever since. Reforming Walk Street, and regulating profits, would start with limiting Shareholder Primacy.
We don’t need to outlaw the stock market or loans, we just need to change the priorities. Right now, the Board of Directors of a public corporation are obligated by law to make the entire corporate mission to serve the stock price. If they don’t, they can be sued by the stock holders, and they will sue. So they don’t have a choice but to keep doing ANYTHING that makes the stock price go up.
That was decided in Dodge vs Ford , and Shareholder Primacy has been the law ever since. Reforming Walk Street, and regulating profits, would start with limiting Shareholder Primacy.
No shareholders - no primacy. Just saying…
There is no law about that. Or show me the law. And whose law in a multinational corporation.