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Juridical ontology and the theory of the firm

In: Institutions and Evolution of Capitalism

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  • Simon Deakin

Abstract

The study of the patterns of legal thought can reveal aspects of economic institutions that are otherwise hard to grasp. The concepts lawyers use to denote the firm in corporate law or employment law, for example, disclose something about its economic nature. The chapter shows that the evolution of legal forms such as the corporation is the result of two conflicting pressures: on the one hand, to adjust the law to a changing external environment, and on the other, to maintain the internal consistency of legal thought. Hence, the gradual recognition of various forms of entity shielding and the assignment of legal personality to durable, self-governing associational arrangements was not only a historically specific development associated with the long process of industrialisation. It was also driven by law’s need to maintain internal, self-referential consistency, without which the legal system would dissolve into a mass of undifferentiated commands.

Suggested Citation

  • Simon Deakin, 2019. "Juridical ontology and the theory of the firm," Chapters, in: Francesca Gagliardi & David Gindis (ed.), Institutions and Evolution of Capitalism, chapter 9, pages 127-141, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16974_9
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    Cited by:

    1. Angela Ambrosino & Paolo Silvestri, 2020. "Hodgson: An Institution Across Disciplinary Barriers," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 54(2), pages 329-348, December.

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    Keywords

    Economics and Finance;

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