Corporate Finance and the 'Distribution of Dreams'

The globalization of capital markets manifests the triumph of the corporation, as a form of organization, over the State. International corporations both weaken states' ability to monitor human activities, and require states to surrender portions of their sovereignty. This article inquires into the sources of this phenomenon. In particular, my main claim is that in enabling incorporation, the State, in fact, surrendered its monopoly over the production of money, and allowed other institutions to produce monetary units as well. The development and growth of giant corporations is directly linked to this capability