The Corporate State Wins Again

[Mr. Perfect]

More unsubstantiated nonsense, the only verifiable claims in there strike death blows to the anti-intellectual Tinker-skywolfowitz thesis.

But to simplify things, as it has become obvious neither of the anti-intellectuals have the slightest idea how to back up their claims, can you please tell me why corporations were not banned in the early US, as long as we're bringing up that subject.

[skyhook77sfg]

When American colonists declared independence from England in 1776, they also freed themselves from control by English corporations that extracted their wealth and dominated trade. After fighting a revolution to end this exploitation, our country's founders retained a healthy fear of corporate power and wisely limited corporations exclusively to a business role. Corporations were forbidden from attempting to influence elections, public policy, and other realms of civic society.

Initially, the privilege of incorporation was granted selectively to enable activities that benefited the public, such as construction of roads or canals. Enabling shareholders to profit was seen as a means to that end.

The states also imposed conditions (some of which remain on the books, though unused) like these:

* Corporate charters (licenses to exist) were granted for a limited time and could be revoked promptly for violating laws.

* Corporations could engage only in activities necessary to fulfill their chartered purpose.

* Corporations could not own stock in other corporations nor own any property that was not essential to fulfilling their chartered purpose.

* Corporations were often terminated if they exceeded their authority or caused public harm.

* Owners and managers were responsible for criminal acts committed on the job.

* Corporations could not make any political or charitable contributions nor spend money to influence law-making.

For 100 years after the American Revolution, legislators maintained tight controll of the corporate chartering process. Because of widespread public opposition, early legislators granted very few corporate charters, and only after debate. Citizens governed corporations by detailing operating conditions not just in charters but also in state constitutions and state laws. Incorporated businesses were prohibited from taking any action that legislators did not specifically allow.

States also limited corporate charters to a set number of years. Unless a legislature renewed an expiring charter, the corporation was dissolved and its assets were divided among shareholders. Citizen authority clauses limited capitalization, debts, land holdings, and sometimes, even profits. They required a company's accounting books to be turned over to a legislature upon request. The power of large shareholders was limited by scaled voting, so that large and small investors had equal voting rights. Interlocking directorates were outlawed. Shareholders had the right to remove directors at will.

In Europe, charters protected directors and stockholders from liability for debts and harms caused by their corporations. American legislators explicitly rejected this corporate shield. The penalty for abuse or misuse of the charter was not a plea bargain and a fine, but dissolution of the corporation.

In 1819 the U.S. Supreme Court tried to strip states of this sovereign right by overruling a lower court's decision that allowed New Hampshire to revoke a charter granted to Dartmouth College by King George III. The Court claimed that since the charter contained no revocation clause, it could not be withdrawn. The Supreme Court's attack on state sovereignty outraged citizens. Laws were written or re-written and new state constitutional amendments passed to circumvent the Dartmouth ruling. Over several decades starting in 1844, nineteen states amended their constitutions to make corporate charters subject to alteration or revocation by their legislatures. As late as 1855 it seemed that the Supreme Court had gotten the people's message when in Dodge v. Woolsey it reaffirmed state's powers over "artificial bodies."

[Mr. Perfect]

[skyhook77sfg]

DESPERATE NEEEDS EH

start your remedial american history studies with Joseph Stancliffe Davis'

Essays in the Earlier History of American Corporations

Cambridge: Harvard University Press, 1917.


LET US KNOW WHEN YOU'VE READ IT WITH COMPREHENSION

OR DO YOU NEED REMEDIAL READING HELP TOO?

[Mr. Perfect]

[skyhook77sfg]

MR Pee


got my copy of Davis seminal work on interlibrary loan some time ago.

excellent scholarship as expected from Harvard folk.

edifying even for fabrication specialists like you.

[Mr. Perfect]

[skyhook77sfg]

in the immortal words of the immortal man in black

we'll see all he gossipers and liars in hell.

Mr Pee said I was critical only of Republicans

that is a lie

liars tell lies

getting weary of his endless tautological no content posts

time to put anti=pedophile Gubernator Schwarze Negger on the case.

[Mr. Perfect]

[skyhook77sfg]

why not?

to reply in kind.

make a case mr pee

[Mr. Perfect]

[amos]

[skyhook77sfg]

have received instructions from higher authority

that makes further exchanges here moot.


see you in hell

[Mr. Perfect]

Yes, but in this case I only needed a cupful to burn down the building of my opposition. I can get more at anytime.

The others fellas couldn't back up one single point they copied from other people, let's see how the lawyer does. Go for it.

[Mr. Perfect]

[amos]

[skyhook77sfg]

WAY TO GO AMOS

heard you let davey goldman know about alissa rosenbaum's social security.

perfect.

[Hoosiernorm]

One of these days Mr. Perfect will eventually come to realize that there are no such things as political facts only political will.

[skyhook77sfg]

astute indiana.


sounds vaguely nietzchean.

but accurate.

[Mr. Perfect]

[amos]

[Mr. Perfect]

[amos]

[Mr. Perfect]

[amos]