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In: Oxford scholarship online
Contemporary discussions of the corporation tend to fall into one of two camps. The side that dominates much of public discourse is those who conceive of the corporation as purely economic. According to this view, corporations are "nexuses of contracts" that have no greater duties than to maximize profits for their shareholders and that should be given legal and political deference to do so. On the other side are those who conceive of the corporation in almost entirely political terms. In this view, corporations are created by government and exercise powers and privileges that are conceded to it by the state; governments have a responsibility to organize and constrain corporations such that they act for the benefit of society as a whole. This text offers a third way that sees the corporation as being both economic and political.
Introduction -- A framework for a political theory of the corporation -- The economic theory of corporate efficiency and justice -- The classical theories of the corporation -- Ronald Coase and the difference between markets and firms -- The managerial challenge to liberalism -- The Chicago School's theory of the corporation -- From market to firm to market again -- The concept of "norm-governed productivity" -- Corporate justice within efficiency horizons -- Toward a relational corporate law -- The architecture of corporate governance and workplace democracy -- Business ethics and efficiency: the market failures approach -- Business ethics and equality: the concept of "justice failure" -- Conclusion
The Form of the Firm attempts to unveil the nature of the corporation as it exists in modern liberal societies. The author contends that economic theories understate the importance and danger of corporate power, and should be supplemented with a political analysis that foregrounds the sorts of political and moral values at stake in corporate activity.
Englisch
Oxford University Press
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