Download This PaperThe Corporation: A Reality or a Fiction?
31 Pages Posted: 20 Jan 2009 Last revised: 23 Oct 2015
Date Written: January 20, 2009
Abstract
The debate about whether society, the corporation and any other type of "universal" has a reality outside of the mind is an old one. Catholic Social Thought (CST) sees the corporation as a community of persons. It has an existence (a life and ability to operate) of its own and is oriented to the good of its participants. This view is contrasted with the nexus of contracts approach, Williamson's Transaction Cost Economics approach and some types of stakeholder theory. It is contended that CST's approach is more realistic.
Keywords: Catholic social thought, theory of the firm
JEL Classification: A12, A13, K00
Suggested Citation: Suggested Citation
Michael L. Lower (Contact Author)
The Chinese University of Hong Kong (CUHK) - Faculty of Law ( email )
6/F, Lee Shau Kee Building
Shatin, New Territories
Kowloon, Sha Tin
Hong Kong