Unchecked “free market” capitalism, if I had to guess.
Companies should never have been able to run outside of a very tight yoke. Yeah sure, capitalism. But not unchecked and especially not unchecked-across-borders so they can start escaping shit by moving legal entities around. Oh and speaking of that, maybe “corporations as entities” is another really really big one we fucked up, allowing the people who make the truly shitty decisions to shirk responsibility for them.
TL;DR: the way it was supposed to work is that entities that wanted limited liability were granted corporate charters in exchange for providing some large, tangible public benefit (and very much not just “shareholder value”, BTW). This post-Dodge v. Ford Motor Co. world where corporations are essentially mandated to be sociopathic is an absolute 100% perversion of what incorporation was meant to be for!
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Unchecked “free market” capitalism, if I had to guess.
Companies should never have been able to run outside of a very tight yoke. Yeah sure, capitalism. But not unchecked and especially not unchecked-across-borders so they can start escaping shit by moving legal entities around. Oh and speaking of that, maybe “corporations as entities” is another really really big one we fucked up, allowing the people who make the truly shitty decisions to shirk responsibility for them.
Relevant article: https://reclaimdemocracy.org/corporate-accountability-history-corporations-us/
TL;DR: the way it was supposed to work is that entities that wanted limited liability were granted corporate charters in exchange for providing some large, tangible public benefit (and very much not just “shareholder value”, BTW). This post-Dodge v. Ford Motor Co. world where corporations are essentially mandated to be sociopathic is an absolute 100% perversion of what incorporation was meant to be for!