Update: Meir alerts us it’s been translated into Hebrew:
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This is a syndicated post, which originally appeared at Mimi and Eunice » IP. View original post.
Mimi & Eunice: Patented Emotions Read Post »
I’ve written on the phenonenon before, most recently, while examining the trite hate-fest that pretends to be media coverage surrounding LeBron James. And frankly, I’ve found myself disagreeing with Bryant Gumbel on a number of salient points throughout these discussions. This time though, Gumbel is on-point. Recently he made these comments, regarding the NBA Lockout and how NBA Commissioner David Stern is handling it:
Stern’s version of what has been going on behind closed doors has of course been disputed, but his efforts were typical of a commissioner who has always seemed eager to be viewed as some kind of modern plantation overseer, treating NBA men as if they were his boys. It’s part of Stern’s M.O., like his past self-serving edicts on dress code and the questioning of officials. His moves were intended to do little more than show how he’s the one keeping the hired hands in their place.
His comments have drawn a lot of ire, much of it from black media members. (In full disclosure, I tend to discount white media member’s discomfort when a black person uses a supposed slavery analogy. Call it a personal failing.) Try though I may, I can’t find what is incorrect about Gumbel’s statement.
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Don’t These Uppity Negroes Ever Get Tired of Being Uppity?Read More »
Don’t These Uppity Negroes Ever Get Tired of Being Uppity? Read Post »
Here’s a terrific article on Capitalists vs. Entrepreneurs.
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This is a syndicated post, which originally appeared at Mimi and Eunice » IP. View original post.
Mimi & Eunice: Exploitation Read Post »
The politics of the left-oriented Occupy Wall Street (OWS) movement, like that of the right-oriented modern Tea Party movement, is not very well defined. But one of the things some of the OWS participants are calling for in their list of “demands” is an end to “corporate personhood.” In this they echo the views of left-libertarians who contend that state-chartered “corporations” are the source of grave social ills. [ See vol. 20, no. 1 and vol. 19, nos 3-4, of the Journal of Libertarian Studies, focusing on these and related issues, in particular articles by, and in response to, Piet-Hein van Eeghen’s anti-corporation views, and Kevin Carson’s views on mutualism. ]
Some of these issues were recently debated on the pages of Roderick Long’s blog, in the comments to his post “Double Standard.” Left-libertarians who oppose incorporation, and usually also “capitalism,” argue that firms derive some great benefit from the state by the privilege of incorporation. The standard leftist critique of the corporation is the “concession” theory outlined by Robert Hessen in his seminal study In Defense of the Corporation (see a key excerpt from Hessen corporation tort liability excerpts). They argue that the state grants to corporations three features: entity status, perpetual duration, and limited liability to shareholders, all of which are artificial and would not exist absent state intervention. Left-libertarians maintain that these privileges grant corporations more power than they otherwise would have, which distorts the market, nay, society in general. This gives rise to more “hierarchy” and “authoritarianism” than would prevail in what Hans-Hermann Hoppe calls a private law society, and indeed, to “exploitation” of the workers by the bourgeoisie.
The Alleged “Privileges” of Incorporation
Labor Theory of Value
There are several problems with the left-libertarian and leftist critiques of corporations. One is the acceptance of a Marxian-type labor theory of value—the idea that employers per se “steal” or exploit from workers the “social surplus product”—a discredited, hoary, unscientific view based on deeply flawed economics.
Entity Status
And as Hessen has pointed out, each of the three corporate features pointed to as a state-granted privilege—entity status, perpetual duration, and limited liability for shareholders—can be created purely by private contract. As for entity status (being able to represent the firm in lawsuits or for property ownership purposes, in the firm’s name) this is just a convenient legal fiction that could be created by means of trustees, or other contractual techniques (including agreements with private defense agencies, insurance companies, arbitral agencies, and the like). In any case, even stripped of this procedural convenience, firms could still organize themselves as joint stock companies or “corporations”.
Perpetual Duration
Hessen also easily disposes of the myth that perpetual duration is a privilege granted by the state; this can be achieved easily by means of continuity agreements and the like.
Limited Liability
The big objection to corporations is usually limited liability for shareholders. …
Corporate Personhood, Limited Liability, and Double TaxationRead More »
Corporate Personhood, Limited Liability, and Double Taxation Read Post »
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This is a syndicated post, which originally appeared at Mimi and Eunice » IP. View original post.
Mimi & Eunice: Appropriated Read Post »
