One of the most pressing issues facing U.S. policy makers is whether to reform our system of corporate governance. Achieving the appropriate balance of protecting shareholder rights without unduly interfering with managerial decisions is a difficult challenge. Entrepreneurship and risk-taking is at the heart of the capitalist system, but fears of fraud and an inability of shareholders to discipline errant managers can undermine confidence in the system. The U.S. has undertaken a sweeping reform of the laws, regulations, and practices relating to the governance of corporations. Evaluating what we have done right, what we have done wrong, and what needs to be done in the future will be the topic of this inaugural program of a new series sponsored by the AEI-Brookings Joint Center and the University of Chicago Stigler Center.
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