The article discusses the battle between two schools of thought in corporate governance: one that focuses on maximizing shareholder wealth and another that emphasizes stakeholder protection and social responsibility. The conservative shareholder-wealth-maximization school is seen as the victor, with corporations being run for the exclusive benefit of shareholders. However, progressive ideals have influenced areas like charitable giving and constituency statutes, allowing management to protect nonshareholder interests. These victories have had mixed results, with expanded managerial discretion potentially leading to self-dealing and opportunism.