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Corporate limited liability and Cambridge economics in the inter-war period: Robertson, Keynes and Sraffa

Richard Arena

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Abstract: This article investigates the contribution of three well-known Cambridge economists--Dennis Robertson, John Maynard Keynes and Piero Sraffa--to the analysis of limited corporate liability in relation to the separation of ownership from control. The paper argues that although, as is to be expected, these economists develop different approaches and overall conclusions on the issue of corporate limited liability and the separation of ownership from control, their interpretations converge, nevertheless, on important points. Put differently, Robertson, Keynes and Sraffa raised the same micro- and macro-economic issues but came up with different answers. Their shared concerns, as well as their varied answers, display an undeniable modernity and thus remain very relevant to contemporary considerations on firm governance, especially in the context of the present global economic crisis.

Keywords: Corporate limited liability; Cambridge (search for similar items in EconPapers)
Date: 2010
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00727248
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Published in Cambridge Journal of Economics, Oxford University Press (OUP), 2010, 34 (5), pp.869-883. ⟨10.1093/cje/beq021⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00727248

DOI: 10.1093/cje/beq021

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