21 Pages Posted: 21 May 2020

Date Written: April 24, 2020


Corporations have been getting a bad rap lately. Many blame “corporations” for a litany of ills that, upon closer examination, should be blamed on another institution. Our goal is to analyze a miscellany of fallacies concerning the Citizens United case, corporate personhood, the stakeholder theory, the affected interests principle, and finally ending with the deeper fallacies concerning the rights of capital that are embedded in the conventional economic theories of capital and corporate finance. In the last analysis, there is another institution that arguably is more at the root of the problems in the current economic system, namely the renting of human beings in the employment relation.

Keywords: corporations, limited liability, Citizens United, affected interests, stakeholders, democratic firms

JEL Classification: K2, P13

Suggested Citation

Ellerman, David, Corporations! (April 24, 2020). Available at SSRN: or

David Ellerman (Contact Author)

University of Ljubljana ( email )

School of Social Science
Ljubljana, CA


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