Corporate law and its making - the question of democratic legitimacy

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Chapter 7 in Beyond Shareholder Value, 2021, pp 225-257 from Edward Elgar Publishing

Abstract: Finance and stock market-centric corporate law emerged between 1880 and 1930. The process that began in New Jersey soon spread to Delaware and the rest of US, and to Canada later in the 20th century. This chapter reviews the making of corporate law, to assess its legitimacy from the democratic perspective. It explains how special interests - business leaders, lawyers and investment banks - shaped corporate law to its present form, by feeding the revenue appetite of New Jersey and Delaware, and how this origin undermines the democratic legitimacy of the law.

Keywords: Business and Management; Economics and Finance; Law - Academic (search for similar items in EconPapers)
Date: 2021
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