ABSTRACT
This chapter introduces the idea the that state in relation to the market operates in the context of growing complexity. Here, it briefly explores the contemporary nature and origins of corporations. The chapter examines early chartering and functions of corporations, along with periods of social-political concern over the nature and power of these entities. The Gilded Age of the late 19th century, which witnessed the rise of industrial Robber Barons and Wall Street financiers, sparked political movements aimed at regulating them and/or breaking them up. Over recent decades the emphasis on shareholder value has proven triumphal, with Milton Friedman’s landmark 1970 statement on the responsibility of business being a key touchstone in the debate. The chapter highlights the growing influence of corporate interests, their associations and lobbyists, which have significant influence in shaping institutions of international cooperation, law making, and standard setting. It also highlights how corporations have gained cultural and political legitimacy over recent decades and have used that power to assume significant lines of state activity and the revenues that come from taxpayer dollars.
