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Ernst Freund as precursor of the rational study of corporate law

机译:Ernst Freund作为公司法合理研究的前兆

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Abstract The rise of large business corporations in the late 19th century compelled many American observers to admit that the nature of the corporation had yet to be understood. Published in this context, Ernst Freund's little-known The Legal Nature of Corporations (1897) was an original attempt to come to terms with a new legal and economic reality. But it can also be described, to paraphrase Oliver Wendell Holmes, as the earliest example of the rational study of corporate law. The paper shows that Freund had the intuitions of an institutional economist, and engaged in what today would be called comparative institutional analysis. Remarkably, his argument that the corporate form secures property against insider defection and against outsiders anticipated recent work on entity shielding and capital lock-in, and can be read as an early contribution to what today would be called the theory of the firm.
机译:摘要19世纪后期的大型商业公司的兴起强迫许多美国观察员承认公司的性质尚未理解。在这方面发表的情况下,Ernst Freund的鲜为人知的法律性质(1897年)是一个原始的尝试,以具有新的法律和经济现实的方式。但也可以描述,以解释Oliver Wendell Holmes,作为公司法的理性研究的最早示例。论文显示,弗氏德国有一个机构经济学家的直觉,并从事今天将被称为比较制度分析的内容。值得注意的是,他的论点认为,企业形式确保了对内幕叛逃的财产,并反对外人预计最近关于实体屏蔽和资本锁定的工作,并且可以作为今天将被称为公司理论的早期贡献。

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