Business Persons
A Legal Theory of the Firm
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Product details:
- Publisher OUP Oxford
- Date of Publication 29 August 2013
- ISBN 9780199670918
- Binding Hardback
- No. of pages328 pages
- Size 240x167x27 mm
- Weight 648 g
- Language English 0
Categories
Short description:
This book provides a scholarly and yet accessible introduction to the legal framework of modern business enterprises. It explains the legal ideas that allow for the recognition of firms as organizational "persons" having social rights and responsibilities, and how law sets the boundaries of firms.
MoreLong description:
Business firms are ubiquitous in modern society, but an appreciation of how they are formed and for what purposes requires an understanding of their legal foundations. This book provides a scholarly and yet accessible introduction to the legal framework of modern business enterprises.
It explains the legal ideas that allow for the recognition of firms as organizational "persons" having social rights and responsibilities. Other foundational ideas include an overview of how the laws of agency, contracts, and property fit together to compose the organized "persons" known as business firms. The institutional legal theory of the firm developed embraces both a "bottom-up" perspective of business participants and a "top-down" rule-setting perspective of government.
Other chapters in the book discuss the features of limited liability and the boundaries of firms. A typology of different kinds of firms is presented ranging from entrepreneurial one-person start-ups to complex corporations, as well as new forms of hybrid social enterprises. Practical applications include contribution to the debates surrounding corporate executive compensation and political free-speech rights of corporations.
Whereas recent decades of scholarship on the nature of the firm have stressed economic and finance theory, Orts frames the analysis as centrally about law and legal theory. The book employs an ethics-focused, multi-perspective approach and draws extensive parallels to the history and philosophy of law. It re-elevates the once-prominent roles of agency, contract, and property law and theory in asking and answering many of the classic questions about the firm [and] includes important insights into the modern taxonomy of firms and their shifting boundaries, as well as practical contributions to current policy debate ... Orts has been one of the leading voices advocating a more nuanced view of the firm, and he now delivers a thoroughly researched and foundational new book that is a must read for anyone thinking seriously about the theory of the modern firm.
Table of Contents:
Introduction - The Recognition and Boundaries of the Firm
Foundations of the Firm I: Business Entities and Legal Persons
Foundations of the Firm II: Agency, Contracts, and Property
The Public/Private Distinction: Two Faces of the Business Enterprise
Enterprise Liability, Business Participant Liability, and Limited Liability
The Nomenclature of Enterprise: A Taxonomy of Modern Business Firms
Managing and Regulating the Shifting Boundaries of the Firm
Two Applications
Conclusion
