“The Corporation in a Democratic Society: In Whose Interest Ought It and Will It Be Run?” In: M. Anshen and G. L. Bach (eds.)Management and Corporations 1985. New York: McGraw-Hill, 1960.
“My thesis will be that if we want effectively to limit the powers of corporations to where they are beneficial, we shall have to confine them much more than we have yet done to one specific goal, that of the profitable use of capital entrusted to the management by the stockholders. I shall argue that it is precisely the tendency to allow and even to impel the corporations to use their resources for specific ends other than those of a long-running maximization of the return on the capital placed under their control that tends to confer upon them undesirable and socially dangerous powers, and that the fashionable doctrine that their policies should be guided by “social considerations” is likely to produce most undesirable results.”