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Essay text:
Its main claim is that
many of the ills of contemporary capitalism can be traced to the legal form of the
business corporation. This is because, Bakan argues, the corporation has a legal
mandate ‘to pursue, relentlessly and without exception, its own self-interest, regardless
of the often harmful consequences it might cause to others’; hence its ‘pathological
nature’. Chapter 1 sets out a brief history of company law, tracing the roots of the
concepts of separate personality and limited liability, and noting some of the more
perverse consequences of the US practice of regarding corporations as ‘persons’ under
the protection of the constitution...
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