For Profit: A History of Corporations (William Magnuson)

The Michael Shermer Show # 321

Americans have long been skeptical of corporations, and that skepticism has only grown more intense in recent years. Meanwhile, corporations continue to amass wealth and power at a dizzying rate, recklessly pursuing profit while leaving society to sort out the costs.

In For Profit, law professor William Magnuson argues that the story of the corporation didn’t have to come to this. Throughout history, he finds, corporations have been purpose-built to benefit the societies that surrounded them. Corporations enabled everything from the construction of ancient Rome’s roads and aqueducts to the artistic flourishing of the Renaissance to the rise of the middle class in the twentieth century. By recapturing this original spirit of civic virtue, Magnuson argues, corporations can help craft a society in which all of us — not just shareholders — benefit from the profits of enterprise.

Shermer and Magnuson discuss: corporations and what they are for • LLCs • Roman corporations • medieval economics • banks • guilds • Credit Mobilier scandal • Dutch and British East India Companies • stocks, bonds, joint stock companies • monopolies, duopolies • assembly lines • multinationals • raiders • private equity firms • start-ups • antitrust, trustbusting • bankruptcy • bitcoin, cryptocurrency • Adam Smith’s critique of corporations • profit and market efficiency • slavery and economics • unions.

William Magnuson is an associate professor at Texas A&M Law School, where he teaches corporate law. Previously, he taught law at Harvard University. The author of Blockchain Democracy, he has written for the Wall Street Journal, Washington Post, Los Angeles Times, and Bloomberg. He lives in Austin, Texas.

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