The Corporation: A Reality or a Fiction?
31 Pages Posted: 20 Jan 2009 Last revised: 23 Oct 2015
Date Written: January 20, 2009
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