Patagonia, a large apparel manufacturer based in Ventura, California, has organized itself as a “B-corporation.” That’s a for-profit company whose articles of incorporation require it to take into account the interests of workers, the community and the environment, as well as shareholders. The performance of B-corporations according to this measure is regularly reviewed and certified by a nonprofit entity called B Lab.

To date, over 500 companies in sixty industries have been certified as B-corporations, including the household products firm “Seventh Generation.” In addition, 27 states have passed laws allowing companies to incorporate as “benefit corporations.” This gives directors legal protection to consider the interests of all stakeholders rather than just the shareholders who elected them.

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Although the law didn’t require companies to maximize shareholder value, shareholders had the legal right to replace directors. The raiders pushed them to vote out directors who wouldn’t make these changes and vote in directors who would (or else sell their shares to the raiders, who’d do the dirty work).

Since then, shareholder capitalism has replaced stakeholder capitalism. Corporate raiders have morphed into private equity managers, and unfriendly takeovers are rare. But it’s now assumed corporations exist only to maximize shareholder returns. Are we better off? Some argue shareholder capitalism has proven more efficient. It has moved economic resources to where they’re most productive, and thereby enabled the economy to grow faster.

Most progressives are, by now, familiar with the Trans-Pacific Partnership (TPP), the proposed trade deal that would link the United States with Pacific Rim powerhouses like Australia and Japan. Wonkier corners of the left are equally conversant in the intrigue of the Transatlantic Trade and Investment Partnership (TTIP), a pact that would couple the United States and the European Union. Like-minded critics would do well by memorizing yet another trade acronym: TISA, or the Trade in Services Agreement. Judging by the stakes and the ultra-secrecy of the negotiations, it could easily be the worst of the bunch.

Here’s what we know: Fifty countries, including the United States, the EU nations, Australia, Canada, Hong Kong, Japan, Switzerland, Taiwan and Turkey, have been in TISA talks since 2012. The resulting agreement will set the terms for almost 70 percent of global trade in “services”: everything from banking and construction to telecom and tourism.

The public got its first glimpse of the treaty on June 19, when WikiLeaks published a draft of the agreement’s chapter on financial services. It wasn’t pretty. The text included proposals to extend new “market access” guarantees to all participating states and fresh limits on the ability of nations to “discriminate” against foreign financial firms. The section hasn’t been finalized, but the leak confirmed what TISA skeptics feared: The United States and EU are leading the charge to block countries from imposing domestic regulations on the multi-trillion-dollar services industries.

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In the United States, TISA’s biggest cheerleader is the Coalition of Service Industries (CSI), a lobbying titan that includes the likes of AT&T, Citigroup, Deloitte, Ebay, Google, Microsoft and Walt Disney. CSI, in turn, has helped prop up “Team TISA,” a broader business alliance whose 6 co-chairs represent a comically nefarious cross-section of corporate America: Citigroup, IBM, Liberty Mutual, MetLife, UPS and Walmart.