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The History of Corporations

Explore the history of corporations from their early origins in public benefit to gaining political influence. From selective privileges in England to the expansion of rights in the U.S., corporations have evolved to have equal protection and speech rights. Discover key legal cases and developments shaping the current landscape.

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The History of Corporations

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  1. http://www.youtube.com/watch?v=KlPQkd_AA6c The History of Corporations

  2. Early History • First Appearance in England • 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. • Colony charters (Mass., Virginia) • Dartmouth v. Woodward (1819) – States can’t revoke corporate charters • Dodge v. Woolsey (1855) – States have power over “artificial bodies”

  3. The Change • The Industrial Revolution and the Gilded Age • Santa Clara v. Southern Pacific (1886) - Corporate “personhood” and the idea that the 14th Amendment covers corporations, too • Minneapolis & St. Louis Railroad v. Beckwith (1889) • Now corporations have equal protection claims and due process.

  4. Growth of Rights • A series of Supreme Court rulings expand specific rights of corporations through the 1970s. • Buckley v. Valeo [1976] - The Supreme Court rules that political money is equivalent to speech. • Virginia Board of Pharmacy v. Virginia Consumer Council [1976] - The Supreme Court protects commercial speech.

  5. Today • Citizens United (2010) – Corporations have the same right to political speech as people. • Corporations are no longer about economic rights. They now have political rights. • “Corporations are people, my friend.” Mitt Romney, 2011 • What’s next?

  6. Today, con’t • Hobby Lobby (2014) • Corporations that are “closely held” have religious rights as well

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