The Corporation: A Reality or a Fiction?

31 Pages Posted: 20 Jan 2009 Last revised: 23 Oct 2015

See all articles by Michael L. Lower

Michael L. Lower

The Chinese University of Hong Kong (CUHK) - Faculty of Law

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

Lower, Michael L., The Corporation: A Reality or a Fiction? (January 20, 2009). Available at SSRN: https://ssrn.com/abstract=1330303 or http://dx.doi.org/10.2139/ssrn.1330303

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

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