Wormes in the entrayles: the corporate citizen in law?
AbstractIn spite of claims to certainty company law has many symptoms of indeterminacy. Indeterminacy has significant consequences for the role of law in regulating capital in companies. Indeterminacy has been considered in legal theory but has a bad name and is an often avoided issue. In this context writers in neo-classical economics and law, such as Posner, are considered as well as the American realists, such as Karl Llewellyn, who preceded them. Their views are contrasted with those of the Frankfurt school, such as Neumann, and contemporary theorists, such as Teubner. In spite of the varying positions these legal theorists start from there are common features in their description of company law including a focus on explaining change in legal doctrine which, implicitly or explicitly, suggests that company law is indeterminate. There is also wide agreement that changes in the reproduction and exchange of corporate capital drive changes in legal doctrine and, consequently, regulation by law rather than the reverse. |