The Multinational Challenge to Corporation Law: The Search for a New Corporate Personality

Contents......Page 16
I. Historical Development......Page 22
The Corporation as a Legal Unit......Page 24
The Emergence of Limited Liability in English Corporations......Page 29
Limited Liability in the United States......Page 31
English Joint Stock Companies and the Struggle over Limited Liability......Page 35
Summary......Page 40
Jurisprudence and the Corporate Personality......Page 42
Competing Theories of the Corporation......Page 46
Constitutional Applications......Page 51
Statutory Construction......Page 66
Summary......Page 67
Corporate Power to Acquire and Hold Stock of Another Corporation......Page 73
The Emergence of Corporate Groups......Page 77
Corporate Groups and Limited Liability......Page 79
Corporate Groups and the Regulation of Business Activity......Page 81
II. Entity or Enterprise in Dealing with Corporate Groups: The American Judicial and Statutory Response......Page 84
Disregard of the Corporate Entity......Page 86
Corporate Groups in the Courts......Page 89
Railroad Litigation and the Beginnings of Enterprise Law......Page 91
Conceptual Problems in the Disregard of the Corporate Entity......Page 100
Adaptation of the "Alter Ego" Concept......Page 102
"Piercing the Veil Jurisprudence"......Page 105
Development of Enterprise Law: General......Page 110
Liberalized "Piercing the Veil Jurisprudence"......Page 111
The Supreme Court and Enterprise Principles......Page 117
Statutory Law......Page 121
Judicial Procedure......Page 137
Bankruptcy......Page 138
The Different Faces of Enterprise Law......Page 140
6. Economic Dimensions: The Role of Limited Liability......Page 142
Limited Liability for Whom: Public Shareholders or Constituent Companies of the Group?......Page 144
The Perceived Advantages of Limited Liability......Page 146
Undesirable Consequences of Limited Liability......Page 154
Limited Liability and Corporate Groups......Page 159
Special Problems Presented by Corporate Structure......Page 162
Inapplicability of Market Analysis to Statutory Law......Page 168
Summary......Page 169
III. World Dimensions......Page 172
7. European and British Commonwealth Experience with Enterprise Law......Page 174
The United Kingdom......Page 175
The British Commonwealth......Page 180
Continental Europe......Page 182
Summary......Page 188
8. National Law and Multinational Business: Enterprise Law and Extraterritoriality......Page 189
International Law......Page 192
Home Country Extraterritoriality in the United States......Page 198
Host Country Extraterritoriality......Page 208
Foreign Enforcement or Recognition of Host Country Judgments......Page 212
Other Applications of Extraterritoriality......Page 213
Assertion of Jurisdiction to Adjudicate Over Foreign Affiliates......Page 218
Economic Limitations to National Legal Policy......Page 220
Summary......Page 221
IV. Jurisprudential Implications......Page 224
9. Legal Rights, Legal Responsibilities, and Recognition of the Legal Unit: Individuals and Physical Objects......Page 226
Legal Units, Legal Attributes, and Legal Personality......Page 227
Legislative and Judicial Recognition of Legal Units......Page 229
Individuals......Page 232
Maritime Vessels and Other Physical Objects......Page 233
10. Legal Rights, Legal Responsibilities, and Recognition of the Legal Unit: Organizations......Page 237
Partnerships and Associations......Page 238
Statutory Creation of Novel Legal Units......Page 245
Government Agencies......Page 249
Corporations......Page 250
11. The Jurisprudence of Enterprise Law......Page 252
The Traditional Legal Entity and the Economic Entity No Longer Match......Page 253
Enterprise Law as the Recognition of the Economic Entity as the Legal Unit......Page 257
Enterprise Law as the Imposition of Derivative Liability......Page 259
Enterprise Law as a Partial Elimination of Limited Liability......Page 261
Enterprise Law as a Form of "Privity"......Page 263
Enterprise Law, Economic Interrelationship, and Relational Law......Page 265
Conclusion......Page 274
Notes......Page 276
Table of Cases......Page 316
B......Page 324
C......Page 325
E......Page 327
F......Page 330
I......Page 331
L......Page 332
M......Page 333
P......Page 334
R......Page 335
S......Page 336
W......Page 337