1st Edition

Economics, Capitalism, and Corporations
Contradictions of Corporate Law, Economics, and the Theory of the Firm



  • Available for pre-order. Item will ship after December 10, 2020
ISBN 9780367895563
December 10, 2020 Forthcoming by Routledge
232 Pages

USD $155.00

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Book Description

This book is a continuation of Corporate Law and the Theory of the Firm: Reconstructing Corporations, Shareholders, Directors, Owners, and Investors. The author extends his analysis of contract law, property law, agency law, trust law, and corporate statutory law and applies that analysis to defy conventional concepts and theories in economics, finance, investment, and accounting and expose the artificial boundaries established by decades of research founded on indefensible assumptions and fallacious conclusions.

Using the Humpty Dumpty principle, where words mean what the authors want them to mean, economists have created "strange new worlds" where contract law, property law, agency law, and corporate statutory law no longer apply.

The author dismantles the theory of the firm by proving the theory of the firm wilfully and intentionally ignores fundamental contract law, property law, agency law, and corporate statutory law. Contrary to the theory of the firm, shareholders do not own corporations, directors are not agents of shareholders, and shareholders are not investors in corporations.

The author proves that by property law and corporate law, capital is not privately owned by capitalists but by corporations. Entire economic and social systems have been constructed that have no basis in law. With the advent of publicly traded corporations, the capital is there, but both capitalists and capitalism have been rendered extinct.

This book will appeal to researchers and graduate and upper-level undergraduate students in economics, finance, accounting, law, and sociology, as well as legal scholars, attorneys and accountants.

Table of Contents

Other Publications by this Author

Acknowledgments

Prologue

Chapter 1 Review of Corporations and Corporate Law, Contract Law,

Property Law, Agency Law, and Trust Law

Introduction

Corporations: Creation, Governance and Operations of Corporations, and Ownership and Control of Corporations

Creation of Corporations

Governance and Operations of Corporations

Ownership and Control of Corporations

Corporations and Contract Law, Property Law, Agency Law, and Trust Law

Corporations and Contract Law

Corporations and Property Law

Corporations and Agency Law

Corporations and Trust Law

Chapter Summary

Bibliography

Endnotes

Part I Corporations, Owners of Shares and Investors in Shares: Economic, Finance, Investment, and Accounting Considerations

Chapter 2 Corporations and Economic Considerations

Introduction

Corporations and Microeconomic Considerations

Supply

Scarce Resources and Resources of Production

Production Functions and Allocation of Resources of Production

Production Costs and Resources of Production

Corporations and Macroeconomic Considerations

Gross Domestic Product and National Income

Savings and Investment

Chapter Summary

Bibliography

Endnotes

Chapter 3 Corporations and Finance Considerations: Corporations, Owners of Shares, and Investors in Shares

Introduction

Finance Considerations: Corporations

Corporations: Financial Capital, Securities Laws, and the Securities Market

Corporations: Financial Capital, Securities Markets, and Scarce Resources

Finance Considerations: Owners of Shares and Investors in Shares

Owners of Shares and Investors in Shares: Financial Capital and Securities Markets

Owners of Shares and Investors in Shares: Scarce Resources

Chapter Summary

Bibliography

Endnotes

Chapter 4 Corporations and Investment Considerations: Corporations, Owners of Shares, and Investors in Shares

Introduction

Investment Considerations: Corporations

Corporate Investment and Economics

Corporate Investment and Financial Statements

Weighted Average Cost of Financing

Investment Considerations: Owners of Shares and Investors in Shares

Owners of Shares and Investors in Shares

Financial Asset Pricing Model

Chapter Summary

Bibliography

Endnotes

Chapter 5 Corporations and Accounting Considerations: Corporations, Owners of Shares, and Investors in Shares

Introduction

Accounting Considerations: Corporations and Financial Reporting

Corporations and Corporate Financial Statements

Corporations and the "Capital Account"

Accounting Considerations: Owners of Shares and Investors in Shares

Owners of Shares, Investors in Shares, and Corporate Financial Statements

Owners of Shares and Investors in Shares: The "Capital Account" Revisited

Chapter Summary

Bibliography

Endnotes

PART II The Nature of the Firm and Theory of the Firm

Chapter 6 The Nature of the Firm

Introduction

Multiple Natures of the Firm

Chapter Summary

Bibliography

Endnotes

Chapter 7 The Theory of the Firm

Introduction

The Theory of the Firm

Agency Theory, Agency Costs, and Transaction Costs

Nexus of Contracts

Property Rights

Incomplete Contracts

Chapter Summary

Bibliography

Endnotes

PART III Capital, Capitalism, and the Communist Manifesto

Chapter 8 Capital

Introduction

Types of Capital

Financial Capital

Physical/Productive/Industrial Capital: The Resource of Production

The Money-Commodity/Financial Capital-Physical Capital Cycle

The Capitalist/ Entrepreneur Cycle

The Corporate Cycle

Chapter Summary

Bibliography

Endnotes

Chapter 9 Capitalism

Introduction

The Origin and History of Capitalism

Karl Marx

Werner Sombart

Max Weber

Types of Capitalism

Financial Capitalism

Industrial Capitalism

Corporate Capitalism

Capitalism, Corporations, and the Theory of the Firm

Chapter Summary

Endnotes

Bibliography

Chapter 10 Marx: Capital, Capitalism, Capitalists, Corporations, and the Communist Manifesto

Introduction

Marx and Capital

Marx and Private Property

Marx and Financial Capital

Marx and Productive Capital

Marx and Capitalists

Marx and Capitalism

Marx and Corporations

Marx and the Communist Manifesto

Chapter Summary

Bibliography

Endnotes

Part IV The Contradictions of Economics and Corporate Law

Chapter 11 Review of the Contradictions of Corporate Law

Introduction

The Contradictions of Corporate Law

Shareholders are Owners of Corporations

Shareholders are Beneficial Owners

Shareholders are Residual Claimants/Residual Owners

Shareholders are Investors in the Corporation

The Contradictions of Agency Law and Corporate Law, and the Contradictions of Trust Law and Corporate Law

Directors are Agents of Shareholders

Directors are Trustees of Shareholders

Directors owe a Fiduciary Duty to Shareholders

Chapter Summary

Bibliography

Endnotes

Chapter 12 Contradictions of Corporate Law, Economics, Finance, Investment, Accounting, and the Theory of the Firm

Introduction

Contradictions of Corporate Law and Economics

Contradictions of Corporate Law, Finance, Investment, and Accounting

Contradictions of Corporate Law and the Theory of the Firm

Chapter Summary

Bibliography

Endnotes

Epilogue

Index

 

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Author(s)

Biography

Wm. Dennis Huber received a DBA in international business, accounting, finance, and economics from the University of Sarasota, Florida; a JD, an MBA in accounting and finance, an MA in economics, an Ed.M., and an MS in public policy, and a BA in sociology and psychology from the State University of New York at Buffalo. He also has an LL.M. in homeland and national security law from the Western Michigan University Thomas M. Cooley School of Law. He is a certified public accountant and admitted to the New York Bar. He has taught at universities in the U.S., Canada, Mexico, and the Middle East.

Reviews

"The book is very interesting starting from the idea itself to the well cited information in each chapter. It is straightforward, simple language, systematic in its presentation and at the same time eligible to be used for all levels of learning; undergrad/grad/researchers,etc., covered most of the important points in each topic, cleared out the confusion between the different laws (Agency law, Trust law and Corporate law...) and the difference between the nature of the firm and the theory of the firm…complete and well presented." — Dina Rady, Ph.D., American University and George Washington University