CLI Director Richard A. Epstein published an opinion piece in The Wall Street Journal (September 11, 2018) on Sen. Elizabeth Warren’s proposed Accountable Capitalism Act.
He writes: “If Ms. Warren’s proposal made business sense, surely some entrepreneur would by now have sought a corporate charter that says, explicitly and upfront, that it will reserve 40% of its seats to her band of stakeholders once it has $1 billion in revenues. Any takers? It is sheer institutional hubris to impose, nationwide no less, a bizarre institutional structure that no one anywhere has ever tried voluntarily. So much for treating states as laboratories for democracy.”
Richard A. Epstein is the Director of the Classical Liberal Institute and the inaugural Laurence A. Tisch Professor of Law at NYU School of Law. He also has served as the Peter and Kirstin Bedford Senior Fellow at the Hoover Institution since 2000, in addition to being the James Parker Hall Distinguished Service Professor of Law Emeritus and a senior lecturer at the University of Chicago. You can follow him on Twitter at @RichardAEpstein.