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The corporation is the most complex, adaptive, and resilient model of organizing economic activity in history. In an era of globalization, the transnational corporation has significant power over society. While its rights are specified through private ordering, and choice of jurisdictional home, in the event of conflict of laws, the corporation's duties and responsibilities remain contested. Notwithstanding the argument in institutional economics that all transactions take place within governance and legal frameworks, underpinned by a 'non-calculative social contract,' the terms are notoriously difficult to define or enforce. They are made more so if regulatory dynamics preclude litigation to a judicial conclusion. This Element situates the corporation - its culture, governance, responsibility, and accountability - within a broader discourse of duty. In doing so, it addresses the problem of the corporation for society and the corporation's problem in aligning its governance to changing community expectations of obligation.

James M Landis is known for his seminal contribution to the creation of the modern system of market regulation in the USA. This book explains for the first time how and why, shortly before his early death, Landis abandoned his theory of market regulation

Redesigning financial regulation -- Taming the corporation : Sarbanes-Oxley and the politics of symbolism -- Enforcing power : the contested role of Eliot Spitzer -- The limitations of the criminal process -- Corporate governance and the institutionalisation of compliance -- The efficacy and pitfalls of pretrial diversion -- Global market, regulatory enforcement and the dynamics of corporate crime -- Transcending compliance

The politics of business have become the business of politics. Across the world the lesson is clear: just as too much governmental interference leads to dysfunctional economies, left to its own devices the market is incapable of adequate self-regulation.The corporate malfeasance crisis in the United States has transformed global perceptions about the efficacy of regulatory structures in combating corrupt practices in private and public sectors. The design of effective corporate governance structures depends not just on internal factors but also on the inter-relationship between various act

The global investigations into the manipulation of the London Interbank Offered Rate (Libor) have raised significant questions about how conflicts of interest are managed for regulated entities contributing to benchmarks. An alternative framework, which brings the management of the rate process under direct regulatory supervision, is under consideration, coordinated by the International Organization of Securities Commissions taskforce. The articulation of global principles builds on a review commissioned by the British government that suggests rates calculated by submission can be reformed. This paper argues that this approach is predestined to fail, precisely because it ignores the lessons of history. In revisiting the initial framing for market conduct regulation, this paper illuminates the lost normative underpinnings of the disclosure paradigm. By exploring the shadows of the past, it provides an essential guide for how to fix the legitimacy crisis engendered by the Libor scandal.