A fiduciary is a person who undertakes to act for the benefit of another person. He owes the duty of loyalty to beneficiary, is required to disgorge any unauthorized gain from his position, and has the burden of disproving his disloyalty in litigation. This article presents a theory that unifies...

Since millennium, economists have advanced two competing theories on the evolution of money. Commodity theory asserts that money has evolved spontaneously from one of the useful commodities through a long process of barter exchanges, and cartal theory argues that money was introduced by a...

The paper first considers a number of theoretical aspects surrounding the ambiguity of the legal framework defining the modern corporation and the two-way relation between technology and property rights. It then looks at the evolution of corporate governance through time, paying particular...

The law speaks of a corporation as a 'legal person' -- as a subject of rights and duties capable of owning real property, entering into contracts, and suing and being sued in its own name separate and distinct from its shareholders. For many centuries there have been a heated controversy between...

In the traditional economic theory, whether classical or neoclassical, the long-run state of the economy is an equilibrium state in which all profits in excess of normal rate vanish completely. If there is a theory of long-run profits, it is a theory about the determination of the normal rate of...

The present article is a fresh attempt to 'end' the age-old controversy on the nature of corporate personality by declaring victory for both corporate nominalism and corporate realism. The key to this claim is the observation that an incorporated business firm is composed of not one but two...

In the traditional economic theory, whether classical or neoclassical, the long-run state of the economy is an equilibrium state in which all profits in excess of normal rate vanish completely. If there is a theory of long-run profits, it is a theory about the determination of the normal rate of...

There is a fundamental difference in legal structure between the classical firm and the business corporation. While the former consists of a single ownership relation between owners and assets, the latter consists of two overlapping ownership relations ] one between shareholders and the...