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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

(p.49) 3 Legacies of the Corporation
Governing the Modern Corporation

Roy C. Smith (Contributor Webpage)

Ingo Walter (Contributor Webpage)

Oxford University Press

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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