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History Lesson: The Corporation, Part 2 of 3

The public corporation is under attack in America today. The regulatory burden is ever increasing: boards and CEOs are constantly harassed over wide-ranging issues from CEO pay to options "backdating," and the media continues to portray corporate America as a cesspool of corruption. The expenses and risks of being a public corporation are now so great that an unprecedented number of companies are choosing to "go private."

In this course, Dr. Brook discusses the history and economics behind the rise of the modern corporation, explaining how this form of business organization made possible new heights of wealth creation. He explains why the corporation, despite its productive virtues, has been attacked as illegitimate and immoral since its inception. Finally, he discusses the popular paradigm of "corporate social responsibility" and contrasts it with the proper corporate goal of shareholder wealth maximization.

This course was recorded at the 2007 Objectivist Summer Conference in Telluride, CO.

Service: Spreaker
Publshed on: Jul 07, 2007
Duration: 01:28:52
Yaron Brook Lectures
Objectivist Conference Presentations

Recap of part 1
00:00 to 06:23
6.4 minutes
Q: what is the source of the anti-corporation argument?
06:24 to 11:59
5.6 minutes
Corporate Social Responsibility, altruism and practicality
12:00 to 20:49
8.8 minutes
Q: Dealing with companies in an anti-profit environment
20:50 to 24:09
3.3 minutes
Q: What about companies standing up to bad government policies?
24:10 to 26:49
2.7 minutes
Q: Compensating management teams in this environment?
26:50 to 30:05
3.3 minutes
Q: Are corporations legitimately motivated by wealth maximization, or is there an analogy to an individual's central purpose which is not necessarily about wealth.
30:06 to 32:20
2.2 minutes
Q: To what extent are corporations digging their own graves by defending themselves as charitable
32:21 to 33:32
1.2 minutes
Q: why are these corporations capitulating to their enemies?
33:33 to 35:44
2.2 minutes
Q: what about anti-trust and competitors?
35:45 to 38:59
3.2 minutes
regulations and influencing management via politics
39:00 to 40:53
1.9 minutes
Separation of ownership and control in the corporation; Bearle and Means book "The Modern Corporation and Private Property"
corporate governance
40:54 to 48:39
7.8 minutes
Two fallacies about CEO management
48:40 to 01:03:04
14.4 minutes
Ideal Boards of Directors
01:03:05 to 01:06:59
3.9 minutes
American regulations and Boards of Directors
01:07:00 to 01:13:54
6.9 minutes
Mutual Funds and Hedge Funds and Boards of Directors
01:13:55 to 01:22:57
9.0 minutes
Q: What is a good principle to have while arguing for capitalism?
01:22:58 to 01:26:47
3.8 minutes
Q: What about a duty to stand on self-interest as a principle?
01:26:48 to 01:27:59
1.2 minutes
Q: What could/should a good business do to be principled?
01:28:00 to N/A
52 seconds