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13 - For-Profit Managers as Public Fiduciaries

A Neoclassical Republican Perspective

from Part IV - Trust and Fiduciary Law in Context

Published online by Cambridge University Press:  13 March 2020

Paul B. Miller
Affiliation:
University of Notre Dame, Indiana
Matthew Harding
Affiliation:
University of Melbourne
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Summary

This chapter examines the fiduciary duties of for-profit managers in modern liberal society. To arrive at the right “mix” of these duties, it compares the fiduciary duties implied by a standard descriptive model of our society with two competing normative models: Lockean libertarianism on the “right” and neo-classical republicanism on the “left.” This comparison shows that all three versions of liberalism, even the one with a Lockean night-watchman state, require far more extensive duties than we now expect, including a professionalization of management itself. And it shows that the version of liberalism with the most expansive state, neo-classical republicanism, requires the most appealing set of for-profit fiduciary duties. More basically, it concludes that what makes this latter set most appealing is that we ourselves are evaluating it from the perspective it recommends for for-profit managers: What is best, by our own best lights, for society as a whole.

Type
Chapter
Information
Fiduciaries and Trust
Ethics, Politics, Economics and Law
, pp. 275 - 301
Publisher: Cambridge University Press
Print publication year: 2020

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