Corporations and the Future of Democracy
There are lots of ways that corporations threaten democracy. But they’re all, I think, rooted in one basic concept — the idea of limited liability. That’s the concept that the individuals behind a corporation can shield themselves from full financial responsibility for risks they take. The thinking is, if people can protect themselves from full liability, they’ll be willing to take greater risks and try new things. Limited liability encourages creativity and innovation. But limited liability is a double-edged sword.
