EBOOK or PDF (Citizen Capitalism) ¶ Lynn Stout


  • Paperback
  • 184
  • Citizen Capitalism
  • Lynn Stout
  • English
  • 11 September 2019
  • 9781523095650

Lynn Stout Ô 8 read & download

read Citizen Capitalism review Å eBook, ePUB or Kindle PDF Ô Lynn Stout Lynn Stout Ô 8 read & download Top Cornell law professor Lynn Stout and her coauthors Tamara Belinfanti and Sergio Gramitto offer a visionary but practical proposal to provide a guaranteed minimum income it not only avoids creating a new government program or increasing taxes but also gives the entire citizenry influence in the economyCorporations have a huge influence on the life of every citizen this book offers a visionary but practical plan to give every citizen a say in how corporations are run while also gaining some supplemental income It lays out a clear approach that uses the mechanisms of the private market to hold corporations accountable to the publicThis would happen through the creation of what the authors call the Universal Fund a kind. Unlike Stout s previous book The Shareholder Value Myth which focused on diagnosing the problems with shareholder value logic this follow on text focused on a policy reform for lack of a better term to remedy the issues she previously highlighted To summarize those problems with modern corporate governance are 1 Short term incentives in practice for the major players involved hedge funds mutual funds passive index investors retail investors and proxy advisers like ISS and Glass Lewis 2 Rational apathy among shareholders who are tasked with making proxy votes 3 Public companies lacking owner pressure to deal with social issues related to their core business 4 A dwindling number of companies who want to become public anecdotally at least in part because of short termist pressures As a related but relevant aside Stout argues that the modern public corporate form was seemingly designed to facilitate long term investments she points out that early corporations created cathedrals and universities in the Middle Ages later euity arrangements financed canals and railroads and modern corporations invest in self driving cars and AI To remedy these problems Stout argues for the creation of a Universal Citizen Capitalism Fund and the book is primarily about the particulars of this project In practice it would be a kind of nonprofit mutual fund financed by tax deductible donations by individuals and corporations More intriguingly she points out that stock buybacks by corporations which have been criticized by policymakers and the press in recent years are currently just retired by companies Instead she suggests that these shares could be donated to the fund which would then reinvest them in an index say the SP 500 or Russell 2000 Further every citizen over the age of 18 in the US would be able to sign up for the fund and gain a proportional share of its returns annually similar to the Alaska Permanent Fund or Norway s Sovereign Wealth Fund except that the proceeds would go directly to citizens without public appropriations Shareholders would not be able to buy or trade the shares in the fund removing the short termist incentives that plague mutual funds Finally her idea is that the fund might create a side industry of nonprofit proxy advisers she notes that orgs of this type already exist in Canada and Europe in a similar form so that citizens could decide which adviser to select to represent their interests which may go beyond profits to environmental governance or social causes Once implemented the fund would allow ordinary citizens both income from public markets which would grow year over year as people and companies donated into it as well as a say in how these shares are voted that they lack now It would break the power of active and passive investors as well as provide competition for proxy adviser companies Over time it may change the texture of markets to make them accountable to the citizenry and it may realign corporations with a long term perspective that may make going public attractive againOverall Stout maintains that the fund could be created without any public funding or statute and represents an attempt to change the system through private and charitable action It s a fascinating proposal and she argues that it s plausible and has several advantages over UBI policies and other proposals to redistribute wealth and power Personally I do think the project would reuire some federal regulations and potentially a statute regarding charitable donations but these problems may be avoided depending on how the fund is implemented in practice One issue I see is that in some ways it s like starting a new venture with all the attendent challenges that entails rather than advocating for a new federal policy However at a high level I think it s a valuable contribution in that it s a plausible but out of the box idea for how to reform markets Politicians like Andrew Yang and perhaps mainstream candidates should potentially make note of it and I d be supportive if the fund were actually implemented going forward

review Å eBook, ePUB or Kindle PDF Ô Lynn StoutCitizen Capitalism

read Citizen Capitalism review Å eBook, ePUB or Kindle PDF Ô Lynn Stout Lynn Stout Ô 8 read & download Of national democratic mega mutual fund Every American over eighteen would be entitled to a share and would participate in directing its share voting choices Corporations and wealthy individuals would donate stocks bonds cash or other assets to the fund just like they do to other philanthropic ventures now The fund would pay out dividends to its citizen shareholders that would grow as the fund growsThe Universal Fund is undoubtedly a big idea but it is also eminently practical it uses the tools of capitalism not government to give all citizens a direct influence on corporate actions It would be a major institutional investor beholden not to a small elite group of stockholders pushing for short term gain but to everyone. This is a great read Unfortunately I felt like even though it is short it was still repetitive I also feel like it was very leading with stats to a guided view It s hard to say what the objective of this novella was

read Citizen Capitalism

read Citizen Capitalism review Å eBook, ePUB or Kindle PDF Ô Lynn Stout Lynn Stout Ô 8 read & download The fund would reward corporations that made sure their actions didn't harm people communities and the environment and it would enable them to invest in innovations that would take than a few months to pay off Which is another reason corporations would donate to the fund they could be freed from the constant pressure to maximize their uarterly share price and would essentially be subsidized for doing goodThe authors demonstrate that our current economic rules force corporations to be shortsighted and even destructive because for most large investors nothing matters but share price The Universal Fund is designed to be a powerful positive balancing force making the world a better place and the United States a better nati. In the face of growing wealth ineuality worldwide and people are discussing alternatives to the current laissez faire capitalism status uo Tamara Belinfanti Sergio Gramitto and the late Lynn Stout offer up their own solution in Citizen Capitalism How a Universal Fund Can Provide Influence and Income to AllThe authors have devised a concept they call the Universal Fund It s like a sovereign wealth fund but is privately created and funded via private ordering That means that the Universal Fund is to be created from donations of stocks by companies and philanthropists The government would hence be uninvolved the Universal Fund is not a socialist venture Rather it is in part modeled on the structure of NGOs like the Sierra Club and the Red Cross The Fund would provide an annual dividend to every citizen with no maximum income cap Though it may seem absurd to send welfare payments to the wealthy it s politically savvy framing A free public college bill was passed in ultraconservative Tennessee thanks to having no maximum income cap conservative detractors weren t able to use the class warfare and welfare ueen arguments It should be noted that charitable tax deductions estate tax reductions and lowered tax brackets would act as a de facto government incentive for the wealthy to donate to the Universal FundThe goals of the Universal Fund would be to decrease wealth ineuality encourage long term investment and increase civic engagement in corporate culture On the last point the authors remind us that The top 10% of wealthiest Americans hold than 90% of all shares Even in regards to the other 10% of shares owned most of them are passively owned Most small time investors don t have time to vote at the annual general meetings of every company in which they are invested Thus boardroom votes are dominated by two shareholder proxy advisory firms and individual investors who own a substantial percentage of shares as well as fund portfolio hedge fund managers Citizen Capitalism by Lynn Stout Tamara Belinfanti Sergio Gramitto 144 pp Berrett Koehler PublishersThese Wall Street elites naturally tend to vote based upon their elitist interests Thus they usually make decisions that are insane in terms of employee welfare long term corporate growth executive pay and the environment For example the authors remind us of the recent case of Martin Shkreli the hedge fund manager who acuired Turing Pharmaceuticals and then raised AIDS medication prices from 1350 to 750 This is the embodiment of the Reagan era Golden Rule of maximizing shareholder value Not only is this Gordon Gecko truism objectively crazy but it s also actually legally unfounded Contrary to what you hear on CNBC or Fox Business there s no legal reuirement that companies only focus on maximizing shareholder value The book relates the following uote from Supreme Court Justice Samuel Alito s comments in the recent case Burwell v Hobby Lobby Modern corporate law does not reuire for profit corporations to pursue profit at the expense of everything else and many do not do so Citizen Capitalism points to the ongoing successes of the sovereign wealth funds of Norway and Alaska ultraliberal and ultraconservative societies respectively The Alaskan fund generally provides each citizen with a dividend payment of a few thousand dollars each year via the state s oil revenues The Government Pension Fund Norway is a pertinent example since it s funded through a 1 trillion stock portfolio Norway is not only able to fund its citizens pensions through the Fund but also exert moral influence on the market The Fund boycotts various egregious companies like cigarette manufacturers and will sell its shares in a company that gets exposed for abusive practices like employing child labor Our authors likewise want the Universal Fund to use a carrot and stick approach in regards to corporate ethicsThe thesis of Citizen Capitalism is as the title suggests rooted in optimism for capitalism Though they write about the success of the socialist program in Alaska specifically a conservative state in the US the authors are convinced that a sovereign wealth fund bill could never be passed in Congress Recent polls and election results however show that Americans are starting to overwhelmingly favor ambitious government program proposals like Medicare for All and a Green New Deal As I wrote before the Universal Fund would mostly be feasible due to tax incentives these government incentives would likely need to be greatly expanded in order to encourage enough stock donations to build the Fund to a substantial size Even America s greatest philanthropists still stockpile billions of dollars in their offshore bank accounts Thus one shouldn t expect the Universal Fund or other private UBI schemes to become a replacement for state management of wealth ineuality through programs like public school funding and marginal taxation Nonetheless Citizen Capitalism is a stimulating little primer for rethinking the relationship between Wall Street and Main Street managing the looming crises of a rapidly aging workforce and automation plus the balancing of private and public sectors in regards to solving societal problems


6 thoughts on “EBOOK or PDF (Citizen Capitalism) ¶ Lynn Stout

  1. says: EBOOK or PDF (Citizen Capitalism) ¶ Lynn Stout

    read Citizen Capitalism EBOOK or PDF (Citizen Capitalism) ¶ Lynn Stout Unlike Stout's previous book The Shareholder Value Myth which focused on diagnosing the problems with shareholder value logic this follow on text focused on a policy reform for lack of a better term to remedy the issues she previously highlighted To summarize those problems with modern corporate governance are 1

  2. says: review Å eBook, ePUB or Kindle PDF Ô Lynn Stout EBOOK or PDF (Citizen Capitalism) ¶ Lynn Stout Lynn Stout Ô 8 read & download

    EBOOK or PDF (Citizen Capitalism) ¶ Lynn Stout review Å eBook, ePUB or Kindle PDF Ô Lynn Stout read Citizen Capitalism This is a great read Unfortunately I felt like even though it is short it was still repetitive I also feel like it was very

  3. says: EBOOK or PDF (Citizen Capitalism) ¶ Lynn Stout

    EBOOK or PDF (Citizen Capitalism) ¶ Lynn Stout Lynn Stout Ô 8 read & download review Å eBook, ePUB or Kindle PDF Ô Lynn Stout In the face of growing wealth ineuality worldwide and people are discussing alternatives to the current laissez faire capitalism stat

  4. says: review Å eBook, ePUB or Kindle PDF Ô Lynn Stout Lynn Stout Ô 8 read & download read Citizen Capitalism

    read Citizen Capitalism review Å eBook, ePUB or Kindle PDF Ô Lynn Stout Lynn Stout Ô 8 read & download The book revolves around a novel concept proposed by the authors called the universal citizen fund The authors

  5. says: EBOOK or PDF (Citizen Capitalism) ¶ Lynn Stout Lynn Stout Ô 8 read & download read Citizen Capitalism

    EBOOK or PDF (Citizen Capitalism) ¶ Lynn Stout An excellent yet unoriginal plan Already done to end the evils of the Templar Knights Or recently in Soviet Union or China

  6. says: read Citizen Capitalism Lynn Stout Ô 8 read & download review Å eBook, ePUB or Kindle PDF Ô Lynn Stout

    review Å eBook, ePUB or Kindle PDF Ô Lynn Stout Lynn Stout Ô 8 read & download EBOOK or PDF (Citizen Capitalism) ¶ Lynn Stout I am am torn on rating this book I have little knowledge on businessstocks etc So it is safe to assume that much of the material went over my head as a result I could be misunderstanding several big points On the other I enjoyed the process of learning something new At the same time though I kept thinking 'if something sounds too good to be true it probably is' As you can see I am tornOne vexing point kept repeating th

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