chapter  8
24 Pages

The Artificial Person and Structures of Economic Power

Apart from the social power o f groups, the modem economic unit is a

collectivity. John Kenneth Galbraith (1967) has argued that in the modem

economy the person has been displaced by the successful creation o f an

artificial person (a so-called legal person, see Nobel 1978, 1980), by

organizations which are much superior to natural persons for their specific

purposes and have the added advantage o f potential immortality.