I’m no expert – hell, I’m not even a novice – on corporate law. But this is fascinating stuff.  In every jurisdiction in every corner of the world, the law states that those at the head of publicly held companies have a legal duty to maximize profits for their shareholders. Many unethical corporations interpret this as shareholder primacy….placing profit above all else, including any perceived loyalty to their people. If a CFO can reduce payroll – an operational expense on cash flow statements – as a quick-fix back to black, shareholder primacy becomes a nice, tidy legal excuse to lay people off.

For a much better explanation on how shareholder primacy is directly affecting people like you and me, read this entry in PrawfsBlawg.

He also references another idea called the “uncorporation.” This intrigues me as a model for the re-emergence of independent advertising agencies in this country. I honestly can’t see any other way.