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Governing the Modern CorporationCapital Markets, Corporate Control, and Economic Performance$
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Roy C. Smith and Ingo Walter

Print publication date: 2006

Print ISBN-13: 9780195171679

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0195171675.001.0001

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Legacies of the Corporation

Legacies of the Corporation

Chapter:
(p.49) 3 Legacies of the Corporation
Source:
Governing the Modern Corporation
Author(s):

Roy C. Smith (Contributor Webpage)

Ingo Walter (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0195171675.003.0003

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

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