“In mid-August Senator Warren introduced an innovative – or rather, restorative – new piece of legislation, the Accountable Capitalism Act. Legislation along these lines is long overdue, and hence more than welcome. While one both can and should go beyond what Senator Warren proposes, as I shall argue below, even her Act as presently framed can begin the process of both (a) correcting long-standing problems in American corporate governance, and (b) putting in place a system of incorporation that produces better outcomes for all corporate stakeholders, not just for elite executives and mega-shareholders. In so doing, it can also begin to restore to America’s business landscape a critical element that lay at the core of the US’s economic ‘growth miracle’ and ‘social contract’ alike during its most prosperous era.”
