Chapter 3 The firm and its discontents
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This chapter is an exposition of how the current asset partitioning regime came into being, from ancient Rome to the Middle Ages and from chartered entities until today. The chapter discusses the context in which the medieval church solidified the fiction theory of corporations and how the phenomenon of a race to the bottom may have played a key role in shifting the rationale behind limited liability inherited from Rome. Then, by analyzing the veil piercing doctrine, the chapter suggests that the dilemma and trade-offs presented by the current state of the asset partitioning regime may be symptomatic of the divorce from the political, economic, and moral reasoning behind corporations in previous centuries.

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