What’s the better idea? Without that legal fiction, new businesses would grind to a screeching halt and the entrenched monopolies would be even more powerful, as if that isn’t the root of our economic problems already.
The answer is not letting any company grow into a monopoly. There are actual laws against that. Break up existing monopolies. Then make business owners way more accountable than they are today. I know it is hard to prove intent in fraud cases, but any sort of creative accounting, transfer of debt between companies, bonuses that aren’t in alignment with company performance, stock buybacks and other manipulations of valuation, and a myriad other obvious fraudulent behaviors should be punished with long prison time.
The legal fiction of the corporate shield is leading our species to its doom. Profit without accountability encourages destructive behavior.
What’s the better idea? Without that legal fiction, new businesses would grind to a screeching halt and the entrenched monopolies would be even more powerful, as if that isn’t the root of our economic problems already.
The answer is not letting any company grow into a monopoly. There are actual laws against that. Break up existing monopolies. Then make business owners way more accountable than they are today. I know it is hard to prove intent in fraud cases, but any sort of creative accounting, transfer of debt between companies, bonuses that aren’t in alignment with company performance, stock buybacks and other manipulations of valuation, and a myriad other obvious fraudulent behaviors should be punished with long prison time.
I’ve been screaming about monopolies for 3-years now. Everything people bitch about capitalism boils down to monopolies.
BTW, stock buybacks used to be illegal until 1982. Ain’t that a thing?
What do you mean by “corporate shield”? Are you referring to limited liability? Corporations are still accountable for the laws that they break.
Um, how? Corporations don’t care if they go under. They also don’t care if they commit genocide or are responsible for major industrial disasters.