The modern business corporation versus the free market?

Abstract
Is the modern large publicly traded business corporation compatible with a truly free market? The question itself may seem strange, even silly. Corporations are primary actors in what the media refer to as ‘the market economy’. Also, when the media refer to ‘the market’, they as often as not mean the stock exchange, which is the place where the shares of large corporations are traded. Moreover, during the age of socialist ascendancy, many defenders of the free market have felt themselves moved to defend the corporation against socialist or ‘liberal’ attacks. Many genuine advocates of the free market even appear willing to make the stronger claim that a defence of the free market requires a defence of the corporation. In their view, defending the corporate form of business organisation is an essential part of the argument for the free market. Prima facie, there seems to be a strong case for saying that the large ‘publicly traded’ corporation is compatible with the requirements of the free market. Nevertheless, I believe classical liberals and libertarians have good reasons to question that view. First, what the media say is not always accurate even on the count of reporting facts, which supposedly is their core business. Conceptual analysis is not their forte. They do not have much consideration for the theoretical contexts from which terms such as ‘free market’ derive their significance or for the requirements of consistency in their use of such ‘theory laden’ terms. The stock exchange is a market of sorts, but it is not ‘the market’. In any case, the stock exchanges with which the media are familiar are not really free but rather heavily regulated markets. Second, socialist critiques of the corporation often were presented as critiques of free market capitalism and merited a vigorous response from the latter’s defenders..
Keywords No keywords specified (fix it)
Categories (categorize this paper)
Options
 Save to my reading list
Follow the author(s)
My bibliography
Export citation
Find it on Scholar
Edit this record
Mark as duplicate
Revision history Request removal from index
 
Download options
PhilPapers Archive


Upload a copy of this paper     Check publisher's policy on self-archival     Papers currently archived: 10,760
External links
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library
References found in this work BETA

No references found.

Citations of this work BETA

No citations found.

Similar books and articles
Analytics

Monthly downloads

Added to index

2009-02-15

Total downloads

12 ( #126,854 of 1,098,955 )

Recent downloads (6 months)

1 ( #287,052 of 1,098,955 )

How can I increase my downloads?

My notes
Sign in to use this feature


Discussion
Start a new thread
Order:
There  are no threads in this forum
Nothing in this forum yet.