We The People…Not Corporations!

Our Hidden History of Corporations in the United States

First published February, 2000

When American colonists declared independence from England in 1776, they also freed themselves from control by English corporations that extracted their wealth and dominated trade. After fighting a revolution to end this exploitation, our country’s founders retained a healthy fear of corporate power and wisely limited corporations exclusively to a business role. Corporations were forbidden from attempting to influence elections, public policy, and other realms of civic society.

Initially, the privilege of incorporation was granted selectively to enable activities that benefited the public, such as construction of roads or canals. Enabling shareholders to profit was seen as a means to that end.

The states also imposed conditions (some of which remain on the books, though unused) like these:

  • Corporate charters (licenses to exist) were granted for a limited time and could be revoked promptly for violating laws.
  • Corporations could engage only in activities necessary to fulfill their chartered purpose.
  • Corporations could not own stock in other corporations nor own any property that was not essential to fulfilling their chartered purpose.
  • Corporations were often terminated if they exceeded their authority or caused public harm.
  • Owners and managers were responsible for criminal acts committed on the job.
  • Corporations could not make any political or charitable contributions nor spend money to influence law-making.

Oh those were the days

Read More@ http://reclaimdemocracy.org

1 Comment for “We The People…Not Corporations!”

  1. Interesting article, Joe. I think you’d enjoy this one, by Larry K. Mason:
    http://nopom.info/articles/POMownership.html

    It discusses the problems inherent with joint ownership of any given thing… including corporations.

Leave a Reply

WordPress Blog

Login

Log in | Wp Advanced Newspaper WordPress Themes Designed by Gabfire themes Free WordPress Theme
Wp Advanced Newspaper WordPress Themes Gabfire