Recent market crashes and financial scandals are symptomatic of a capitalism in which shareholders have lost control over the corporations they own. To reassert control, shareholders must overcome obstacles that prevent them from voting their shares. The solution is to form a proxy exchange...

The financial literature frequently mentions risk, but it lacks a widely accepted definition of risk. This omission is no coincidence. Risk is an intuitive notion that resists formal definition. Adopting a largely historical perspective, this article draws on ideas that emerged during the 20th...