Journal Article

Corporate limited liability and Cambridge economics in the inter-war period: Robertson, Keynes and Sraffa

Richard Arena

in Cambridge Journal of Economics

Published on behalf of Cambridge Political Economy Society

Volume 34, issue 5, pages 869-883
Published in print September 2010 | ISSN: 0309-166X
Published online August 2010 | e-ISSN: 1464-3545 | DOI: http://dx.doi.org/10.1093/cje/beq021
Corporate limited liability and Cambridge economics in the inter-war period: Robertson, Keynes and Sraffa

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This article investigates the contribution of three well-known Cambridge economists—Dennis Robertson, John Maynard Keynes and Piero Sraffa—to the analysis of limited corporate liability in relation to the separation of ownership from control. The paper argues that although, as is to be expected, these economists develop different approaches and overall conclusions on the issue of corporate limited liability and the separation of ownership from control, their interpretations converge, nevertheless, on important points. Put differently, Robertson, Keynes and Sraffa raised the same micro- and macro-economic issues but came up with different answers. Their shared concerns, as well as their varied answers, display an undeniable modernity and thus remain very relevant to contemporary considerations on firm governance, especially in the context of the present global economic crisis.

Keywords: Corporate limited liability; Cambridge; B20

Journal Article.  8311 words. 

Subjects: History of Economic Thought (1925 onwards)

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