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Columbia Law School

2018

Business Organizations Law

Finance

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Economic Democracy And Enterprise Form In Finance, William H. Simon Jan 2018

Economic Democracy And Enterprise Form In Finance, William H. Simon

Faculty Scholarship

This comment – a contribution to a project on “democratizing finance” – considers the relative advantages of alternative enterprise forms from the point of view of public accountability. It compares the business corporation to the state agency or authority, the cooperative, the state corporation, and the charitable nonprofit. These forms can be distinguished in terms of whether they aspire to enhance general electoral democracy or stakeholder democracy and in terms of whether their democratic controls operate directly or indirectly. I suggest that the more indirect democratic forms may be more promising than the more direct ones. I also argue that the project ...