
The Separation of Corporate Law and Social Welfare
A recent essay of mine reflects on the proposition that corporate law should concern itself with social welfare, taking a historical approach. The essay begins with the quarter century after World War II, when corporate legal theory pursued an institutional vision in which corporations and the law that creates them protect people from the ravages of volatile free markets. The institutional vision reflected the practice. Corporate managers, seeking to avoid confrontation with a powerful regulatory state, cooperated with it, taking the lead in pension and healthcare provision in tandem with a long run of successful financial performance. Market controls were … Read more