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Article
The Corporation As Time Machine: Intergenerational Equity, Intergenerational Efficiency, and the Corporate Form
Seattle University Law Review
  • Lynn A. Stout
Publication Date
1-19-2015
Abstract
This Symposium Article argues that the board-controlled corporation can be understood as a legal innovation that historically has functioned as a means of transferring wealth forward and sometimes backward through time, for the benefit of present and future generations. In this fashion the board-controlled corporation promotes both intergenerational equity and intergenerational efficiency. Logic and evidence each suggest, however, that the modern embrace of “shareholder value” as the only corporate objective and “shareholder democracy” as the ideal of corporate governance is damaging the corporate form’s ability to serve this economically and ethically important function.
Citation Information
Lynn A. Stout. "The Corporation As Time Machine: Intergenerational Equity, Intergenerational Efficiency, and the Corporate Form" (2015) p. 685
Available at: http://works.bepress.com/lynn_stout/34/