Aneil Kovvali

Volume 90.1
Stakeholderism Silo Busting
Aneil Kovvali
Associate Professor, Indiana University Maurer School of Law.

I thank Douglas Baird, Sarah Light, Joshua Macey, and Elizabeth Pollman for helpful comments and conversations.

The fields of antitrust, bankruptcy, corporate, and securities law are undergoing tumultuous debates. On one side in each field is the dominant view that each field should focus exclusively on a specific constituency—antitrust on consumers, bankruptcy on creditors, corporate law on shareholders, and securities regulation on financial investors. On the other side is a growing insurgency that seeks to broaden the focus to a larger set of stakeholders, including workers, the environment, and political communities. But these conversations have largely proceeded in parallel, with each debate unfolding within the framework and literature of a single field.