摘要：In the vertigo of economic crises, there appear several scapegoats ready for sacrifices: common among them is the modern business corporation. It is said by socialists as well as by some free market fans that „State-granted” limited liability has the morally hazardous effect of inciting both stockholders and managers to overconfidence in the productive function, with negative social effects (speculation, monopoly, immorality, materialism). In this essay, we try to dismantle the allegation that business corporations, understood and freely accepted as such in markets, are not State-sponsored institutionalized devices of fraud and waste, except for those benefiting privileges, arbitrarily and coercively imposed on third parties by governments
关键词：business corporation; limited liability; private property; private contracts; free market; State privilege; law and economics; Austrian School libertarianism
