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This controversial book presents a powerful argument for the repeal of anti-discrimination laws within the workplace. These laws--frequently justified as a means to protect individuals from race, sex, age, and disability discrimination--have been widely accepted by liberals and conservatives alike since the passing of the 1964 Civil Rights Act and are today deeply ingrained in our legal culture. Richard Epstein demonstrates that these laws set one group against another, impose limits on freedom of choice, undermine standards of merit and achievement, unleash bureaucratic excesses, mandate inefficient employment practices, and cause far more invidious discrimination than they prevent. Epstein urges a return to the common law principles of individual autonomy that permit all persons to improve their position through trade, contract, and bargain, free of government constraint. He advances both theoretical and empirical arguments to show that competitive markets outperform the current system of centralized control over labor markets. Forbidden Grounds has a broad philosophical, economic, and historical sweep. Epstein offers novel explanations for the rational use of discrimination, and he tests his theory against a historical backdrop that runs from the early Supreme Court decisions, such as Plessy v. Ferguson which legitimated Jim Crow, through the current controversies over race-norming and the 1991 Civil Rights Act. His discussion of sex discrimination contains a detailed examination of the laws on occupational qualifications, pensions, pregnancy, and sexual harassment. He also explains how the case for affirmative action is strengthened by the repeal of employment discrimination laws. He concludes the book by looking at the recent controversies regarding age and disability discrimination. Forbidden Grounds will capture the attention of lawyers, social scientists, policymakers, and employers, as well as all persons interested in the administration of this major
This book focuses on the federalization of corporate governance in the United States from both historical and contemporary perspectives. Although the states traditionally have regulated the sphere of corporate governance - encompassing the relations among and between the subject corporation, its directors, its officers, its stockholders, and other stakeholders - federal law today impacts the governance of publicly-traded companies to a greater degree than ever before in U.S. history. This book discusses the evolution and development of corporate governance from a federal law perspective from the commencement of the twentieth century to the present. It examines the tension between state company law and federal law, analyzes the federal historical developments, explains the ramifications of the federal legislation enacted during the past two decades, and recommends corrective measures that should be implemented. The book accordingly provides an original, historical, and contemporary analysis of the federalization of corporate governance - a subject that impacts this country's economic well-being in a very fundamental way.
Social enterprises represent a new kind of venture, dedicated to pursuing profits for owners and benefits for society. Social Enterprise Law provides tools that will allow them to raise the capital they need to flourish. Social Enterprise Law weaves innovation in contract and corporate governance into powerful protections against insiders sacrificing goals such as environmental sustainability in the pursuit of short-term profits. Creating a stable balance between financial returns and public benefits will allow social entrepreneurs to team up with impact investors that share their vision of a double bottom line. Brakman Reiser and Dean show how novel legal technologies can allow social enterprises to access capital markets, including unconventional sources such as crowdfunding. With its straightforward insights into complex areas of the law, the book shows how a social mission can even be shielded from the turbulence of an acquisition or bankruptcy. It also shows why, as the metrics available to measure the impact of social missions on individuals and communities become more sophisticated, such legal innovations will continue to become more robust. By providing a comprehensive survey of the U.S. laws and a bold vision for how legal institutions across the globe could be reformed, this book offers new insights and approaches to help social enterprises raise the capital they need to flourish. It offers a rich guide for students, entrepreneurs, investors, and practitioners.
Today, alongside its all-important operations in direct support of the Global War on Terrorism, naval aviation also continues its now 60-year commitment to shaping the maritime and littoral environment through persistent forward presence. In the longer term, naval aviation is also adapting to a series of geopolitical revolutions which will dramatically increase the future demand for a secure sea base capable of projecting dominant power ashore in wartime against the full spectrum of possible opponents. It is adapting to these demands by exploiting technologies and operational practices developed in the last decade that will greatly increase its ability to surge and concentrate forces rapidly; protect the sea base from new air, surface, and undersea threats; and find, identify, locate, track, and strike mobile as well as fixed targets ashore, under all weather conditions, and in timely enough fashion to produce the desired effects. This report discusses the following topics: (1) Formal Alliances Provide Predictable Access, Informal Coalitions Do Not; (2) Distributed Ground Forces Require Persistent, Distributed Air Support; (3) The Sea Shield Must Be Dominant If the Sea Base Is to Be Effective; (4) Adapting; (5) The Spectrum from Presence to Major Combat; (6) Technology and the Spectrum of Threat; (7) The Value of Robust Airborne Early Warning (AEW) Aircraft; (8) No Substitute for Range in Carrier Aviation; (9) The Need for Airborne Electronic Attack (AEA) is Not Going Away; (10) Land-Based Maritime Patrol Aircraft; (11) Multimission Helicopters; (12) New Capabilities and Challenges; (13) Eliminating the Weather Sanctuary for Mobile Targets; (14) Providing a Dominant Defense of the Sea Base; (15) Shoot Archers Not Arrows; (16) Make Opposing Submarines Pay for Their Inevitable Indiscretions; (17) Get Back in the Counter-Surveillance Business; and (18) The Force of the Future.
In this volume, leading management experts offer critical insights into the promises and illusions of shareholder empowerment, the discrepancies between theory and practice, and the challenges posed by variations in global corporate governance regimes.
This comprehensive handbook discusses the most recent advances within the field of financial engineering, focusing not only on the description of the existing areas in financial engineering research, but also on the new methodologies that have been developed for modeling and addressing financial engineering problems. The book is intended for financial engineers, researchers, applied mathematicians, and graduate students interested in real-world applications to financial engineering.
Most Americans assume that universal access to health care is a desirable and humane political goal. Not so, says distinguished legal scholar Richard Epstein. In this seminal work, he explodes the unspoken assumption that a government-administered, universal health-care system would be a boon to America. Basing his argument in our common law traditions that limit the collective responsibility for an individual's welfare, he provides a political and economic analysis which suggests that unregulated provision of health care will, in the long run, guarantee greater access to quality medical care for more people. He also authoritatively documents the ways in which government regulation has actually reduced the availability of organs for vitally needed transplants, and has interfered with a sensible policy toward euthanasia.
The idea that the state is a fiduciary to its citizens has a long pedigree - ultimately reaching back to the ancient Greeks, and including Hobbes and Locke among its proponents. Public fiduciary theory is now experiencing a resurgence, with applications that range from international law, to insider trading by members of Congress, to election law and gerrymandering. This book is the first of its kind: a collection of chapters by leading writers on public fiduciary subject areas. The authors develop new accounts of how fiduciary principles apply to representation; to officials and judges; to problems of legitimacy and political obligation; to positive rights; to the state itself; and to the history of ideas. The resulting volume should be of great interest to political theorists and public law scholars, to private fiduciary law scholars, and to students seeking an introduction to this new and increasingly relevant area of study.
This book offers a succinct, practical guide for understanding what some have referred to as shareholder democracy--efforts to facilitate and increase shareholder voting power within the corporation. In the past few years there has been a surge in shareholder activism that has had a profound impact on the corporation. Shareholders and other activists have sought to increase shareholders' voting power within the corporation based largely on the belief that increasing shareholder power will increase director and officer accountability, thereby helping to curb corporate misconduct and improve corporate performance. However, there is intense debate regarding whether increased shareholder power can achieve such objectives and whether increased shareholder power will negatively impact the corporation. This book is the first to provide a concise, but comprehensive look at the various ways in which shareholders have sought to enhance their voting power and influence within the corporation. In addition to examining shareholder activism, this book highlights and analyzes the debate regarding the propriety of increased shareholder power. This book also analyzes the impact of recent developments aimed at facilitating shareholder power such as majority voting, say on pay, and proxy access. This book will serve as a useful tool not only for those who desire a straight-forward analysis of shareholder rights and activism, but also for those seeking a reference guide on an issue of growing importance to corporate law and corporate governance.