The U.S. corporate tax code is broken. High rates and perverse incentives drive capital away from the corporate sector and toward other uses and countries. Professor Mihir A. Desai believes a handful of changes could fix all that.
Some of the world’s most original thinkers explain the competitiveness challenge America faces and point the way forward.
Professors Robin Greenwood and David Scharfstein make recommendations in three important domains in which the U.S. financial system has underperformed: financial stability, housing finance, and investment costs.
The last three decades have seen American capitalism transformed by a simple idea—that the evaluation and compensation of managers and investors should be outsourced to financial markets, says Professor Mihir A. Desai.