Chapter

Legacies of the Corporation

Roy C. Smith and Ingo Walter

in Governing the Modern Corporation

Published in print February 2006 | ISBN: 9780195171679
Published online September 2006 | e-ISBN: 9780199783618 | DOI: http://dx.doi.org/10.1093/0195171675.003.0003
 Legacies of the Corporation

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This chapter traces the evolution of corporations. Corporations were originally conceived in medieval times as a means by which a group of private citizens could combine their interests under a royal charter to differentiate (and protect) themselves from the changeable interests of the government. Today’s “postmodern” corporations face two different and powerful constituents at the same time: the government and the market. Their interests may frequently collide and conflict with one another, and both are subject to their own inefficiencies, distortions, and corruptions.

Keywords: corporations; capitalism; corporate governance; government; regulation

Chapter.  11509 words. 

Subjects: Microeconomics

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