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Corporate IrresponsibilityAmerica`s Newest Export$
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Lawrence E. Mitchell

Print publication date: 2001

Print ISBN-13: 9780300090239

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300090239.001.0001

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Corporate Managers: Dr. Jekyll or Mr. Hyde?

Corporate Managers: Dr. Jekyll or Mr. Hyde?

(p.97) Chapter 5 Corporate Managers: Dr. Jekyll or Mr. Hyde?
Corporate Irresponsibility

Lawrence E. Mitchell

Yale University Press

This chapter discusses examples of Dr. Jekyll and Mr. Hyde to analyze corporate irresponsibility. It argues that corporate misbehavior is not especially the fault of corporate managers, stockholders, and employees but the result which a person should expect from the legal structure and rules established to create the corporation. The legal structure and rules created for the corporation are derived from America' broader legal and social culture of radical autonomy. The corporation's legal structure and rules result in the decree to maximize stockholder profit within the confines of limited liability, a decree that not only gives managers, stockholders, and employees the excuse to behave badly but also encourages them to do so. The chapter also discusses, in detail, the structure of the corporation and the corporate franchise.

Keywords:   corporate irresponsibility, stockholders, legal structure, social culture, radical autonomy

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