4 ms·

But the type of organization that is a corporation didn't exist when the constitution was written. Much like nuclear arms (and chemical, and biological) didn't

But the type of organization that is a corporation didn't exist when the constitution was written. Much like nuclear arms (and chemical, and biological) didn't exist when the constitution was written so we don't consider them covered by the second amendment.

triceratops 6y ago
Joint stock corporations predate the US constitution.
Anon1096 6y ago
We don't consider nuclear warheads to be covered under the second amendment because they are munitions, not arms. What you're saying is a little ridiculous - do you expect that something written on the Internet is not covered by the first amendment, simply because it didn't exist at the time the amendment was written? Of course not. Technological progress is easily covered by the Constitution.
kortilla 6y ago
https://en.wikipedia.org/wiki/East_India_Company https://en.wikipedia.org/wiki/East_India_Company
bzbarsky 6y ago
The English East India Company was set up along lines pretty similar to today's corporations, and that happened almost 200 years before the constitution was written (1600, to be precise). By 1720 you definitely have bubbles involving corporate stocks (see South Sea Bubble). By the time you get to the late 18th century (i.e. about when the Constitution was written) you have publications with titles like "A Treatise on the Law of Corporations"; just keep reading the Wikipedia entry above. That was published 7 years after the US Constitution was ratified, but of course the laws and corporations it was talking abot had been around for _quite_ a while at that point.
JackFr 6y ago
It certainly did. Among others, the Virginia Company, the Plymouth Company, the British East India Company all featured tradeable shares, perpetual lifetime, limited liability and legal personhood. What makes the modern economy so different is the democraticization of incorporation. Prior to the 19th century it took a specific legislative act to incorporate.
- supernova87a 6y ago
  Maybe that's something we need to bring back -- limits on how many and how large corporations can be? Before they take over running all of society? Right now you can create infinite corporations, with little to no traceability as to who's really responsible. Maybe there should be some limits?
  - paulstovell 6y ago
    British East India company had its own army and literally did run a big part of society. Amazon doesn’t have an army at least. Maybe we are trending in the right direction.

triceratops 6y ago

Joint stock corporations predate the US constitution.

Anon1096 6y ago

We don't consider nuclear warheads to be covered under the second amendment because they are munitions, not arms. What you're saying is a little ridiculous - do you expect that something written on the Internet is not covered by the first amendment, simply because it didn't exist at the time the amendment was written? Of course not. Technological progress is easily covered by the Constitution.

kortilla 6y ago

https://en.wikipedia.org/wiki/East_India_Company https://en.wikipedia.org/wiki/East_India_Company

bzbarsky 6y ago

The English East India Company was set up along lines pretty similar to today's corporations, and that happened almost 200 years before the constitution was written (1600, to be precise). By 1720 you definitely have bubbles involving corporate stocks (see South Sea Bubble). By the time you get to the late 18th century (i.e. about when the Constitution was written) you have publications with titles like "A Treatise on the Law of Corporations"; just keep reading the Wikipedia entry above. That was published 7 years after the US Constitution was ratified, but of course the laws and corporations it was talking abot had been around for _quite_ a while at that point.

JackFr 6y ago

It certainly did. Among others, the Virginia Company, the Plymouth Company, the British East India Company all featured tradeable shares, perpetual lifetime, limited liability and legal personhood. What makes the modern economy so different is the democraticization of incorporation. Prior to the 19th century it took a specific legislative act to incorporate.

supernova87a 6y ago
Maybe that's something we need to bring back -- limits on how many and how large corporations can be? Before they take over running all of society? Right now you can create infinite corporations, with little to no traceability as to who's really responsible. Maybe there should be some limits?
- paulstovell 6y ago
  British East India company had its own army and literally did run a big part of society. Amazon doesn’t have an army at least. Maybe we are trending in the right direction.