Form of the Firm

Contemporary discussions of the corporation tend to divide into one of two camps: On one side are scholars who treat the firm as a purely economic and contractual entity, while another set of scholars look at corporations in purely political terms. Therefore, the corporation is not merely an economic endeavor; it is a political institution and must therefore serve social ends and not merely profit. In The Form of the Firm, Abraham Singer contends that both of these approaches overstate their cases dramatically, resulting in two wrongheaded, influential accounts of the corporation. He offers a third way that sees the corporation as being both economic and political. First, it is true that corporations exist primarily to increase economic efficiency. However, they do this in ways that distinguish them from the markets in which they operate. Corporations are not natural outgrowthsof the free market, but institutions that we have developed to correct market inefficiencies through mechanisms normally associated with politics. Corporations use social power, norms, and state-sanctioned authority to establish economic cooperation in ways that markets cannot. But, Singer argues that theyalso have an obligation to uphold the norms of liberal democracy that enable their existence and smooth-running in the first place. A profound rethinking of what a corporation actually is and how power within it ought to be structured and exercised, The Form of the Firm will reshape our understanding of corporate governance, corporate law, and business ethics.

The Form of the Firm is an extraordinary and highly original book. It is one of the most rigorous and comprehensive interdisciplinary works that combines normative political theory with business ethics and economics addressing issues relating to justices in and of the buisness firm., Abraham Singer's book is comprehensive, original, and overall a highly impressive articulation of how political philosophy, legal theory, and economics intersect when it comes to our understanding and evaluation of firms. I expect it to become a valued and influential resource for political philosophers working on the nature of employment or the variety of proximate topics also covered by this book., The large thesis of The Form of the Firm is compelling, the writing is brisk, and the argument is grounded in the key works of several disciplines. The book will make a fine sparring partner and resource for the ongoing task of describing and appraising the business corporation, [a] virtuoso work ... a powerful, grounded call for reform ... This book requires repeated reading. It is dense and deliberate, but those interested in political philosophy and political economy will find it worthy of the investment ... Essential.

Abraham A. Singer is currently assistant professor of Management at Loyola University Chicago's Quinlan School of Business. His research and teaching interests lie within and between business ethics and political theory.