Katharina Pistor

The original purpose of limited-liability protection was to encourage investment in—and risk-taking by—corporations, whose resulting innovations would benefit society. Yet by allowing shareholders to profit from the harms caused by corporations, limited liability has evolved into a source of systemic market failure.

Katharina Pistor draws lessons from past experience for a new generation of mission-oriented lending institutions.

Katharina Pistor makes the case for why governments need to take action against Facebook's new cryptocurrency before it's too late.