From a comment I posted
In a completely free market, there is no such thing as a corporation. A corporation is a legal fiction created to protect an entrepreneur's personal property from debts incurred in their commercial endeavors. In a sense, corporations are a form of welfare; they assure that failure, whether it be from poor judgment or bad luck, will not leave the entrepreneur penniless. Like all forms of welfare, corporations are established by governments with an interest in manipulating the market. There is no natural right to such a division of liability.
The privilege of incorporation comes at the price of being subject to regulation. In its efforts to manipulate market outcomes, the same government that creates and protects the corporation may dictate any and all of its activities.
But somewhere along the line, this was forgotten. Executives are routinely punished only when they harm the interests of shareholders. But the same kinds of regulations and penalties can and should be applied for harming the interests of workers, customers, and the communities in which corporations operate.
Don't like it? Don't incorporate. Gamble your personal property on your beloved free market. Not such a libertarian now, are you?
The privilege of incorporation comes at the price of being subject to regulation. In its efforts to manipulate market outcomes, the same government that creates and protects the corporation may dictate any and all of its activities.
But somewhere along the line, this was forgotten. Executives are routinely punished only when they harm the interests of shareholders. But the same kinds of regulations and penalties can and should be applied for harming the interests of workers, customers, and the communities in which corporations operate.
Don't like it? Don't incorporate. Gamble your personal property on your beloved free market. Not such a libertarian now, are you?