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"A Short History Of Corporations" icon

A Short History Of Corporations

What is a corporation? Ambrose Bierce's Devil's Dictionary defines it as 'an ingenious device for obtaining profit without individual responsibility'. It is a legal construct, a charter granted by the state to a group of investors to gather private funds for a specific purpose. Originally, charters were granted in the service of a public purpose, and could be revoked if this were not fulfilled. The relationship between state and corporation is a complex one. Over the past 400 years corporations have conquered territory and brought in resources for the state, breaking laws put in place to constrain them and gaining in power and privilege. History shows a repetitive cycle of corporations over-reaching, causing such social turmoil that the state is forced to reign them back in through... Show More
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