539. Why Does One Tiny State Set the Rules for Everyone?

Freakonomics Radio

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Documentary, Society & Culture

4.6 • 32K Ratings

🗓️ 13 April 2023

⏱️ 47 minutes

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Summary

Delaware is beloved by corporations, bankruptcy lawyers, tax avoiders, and money launderers. Critics say the Delaware “franchise” is undemocratic and corrupt. Insiders say it’s wildly efficient. We say: they’re both right.

Transcript

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0:00.0	What brought me through your attraction to the Delaware story?
0:08.0	When did that begin and how?
0:10.0	When I was a financial reporter,
0:12.0	all roads seemed to lead to Delaware.
0:15.0	Elon Musk goes under the microscope in Delaware.
0:18.0	Twitter is set to depose the Tesla CEO in Wilmington.
0:23.0	95% of the corporations that are incorporated in Delaware
0:26.0	don't really do any significant business here.
0:28.0	Adidence has brought against Victor Boot for weapons trafficking
0:33.0	in hot spots around the world that span Afghanistan, Columbia, Rwanda, Congo.
0:39.0	So I had a vague understanding that Delaware was important,
0:42.0	but not really why.
0:44.0	And nobody else seemed to be asking that question.
0:50.0	The truth is most people don't ask any questions about Delaware
0:54.0	or even think about Delaware.
0:57.0	It is the second smallest US state by area,
1:00.0	the sixth smallest by population.
1:02.0	It calls itself the first state since it was the first of the original 13
1:06.0	to ratify the Constitution.
1:09.0	What else is it known for?
1:11.0	The Delaware beaches are absolutely spectacular.
1:15.0	We have the Grand Opera House, we have the DuPont Theater.
	...

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