Does a society really need corporations?
What would the economy look like if busineses were limited to partnerships and sole proprieterships?
Would corporations be more careful with respect to various tort liability and other malfeasance if their investors were on the hook for any liabilities incurred?
Would juries be less likely to go haywire with judgments and punitives if they knew real people with homes and other assets might be hurt by those decisions?
Would this radically gum up capital markets, or would new instruments arise in their place?
It doesn’t seem to me that any part of American or liberal theory requires corporations, nor does any prong of conservative philosophy. I’ve not thought about this extensively, but I’d like some ideas. I know little about the history of corporations, how capital financing worked prior to their arrival, what the theoretical justification is for them, how corporations behave differently than non-corporations on account of their limited liability, etc. I did, however, take corporations in law school and found my professor to be a world class schmuck.