William W. Bratton · April 2009
77 GEO. WASH. L. REV. 677 (2009)
In Trapped in a Metaphor: The Limited Implications of Federalism for Corporate Governance, Professor Robert Ahdieh bids us to clean up corporate federalism. We should stop describing the states as “racing” to make corporate law and stop evaluating the results of state lawmaking as a binary choice of “top” or “bottom.” We should also stop imposing determinative presumptions favoring state or federal regulation, and instead grapple with institutional advantages and disadvantages of regulation at different levels of government as cases arise. This is good advice. But I am hardly the person to gainsay it, having been giving the same advice for a decade and a half.
