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… is from page 144 of an advance copy of Samuel Gregg’s excellent and important forthcoming book, The Next American Economy: Nation, State, and Markets in an Uncertain World:

[S]takeholder capitalism undermines and distorts accountability. It helps entrench incompetent boards and executives by allowing them to excuse poor performance by telling shareholders that the company’s legal obligations to help actualize various national and international objectives means that investors must settle for less profit.

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