This Article analyzes the functions served by the law of trusts and asks, first, whether the basic tools of contract and agency law could fulfill the same functions and, second, whether trust law provides benefits that are not provided by the law of corporations. The analysis is motivated in...

Once widely considered just a theoretical curiosity or an ideological aspiration, employee ownership of enterprise has attracted considerable interest in recent years as a practical matter of organization. In the West, this interest derives in considerable part from the decline of unionism and...

In modern economies, large-scale enterprise exhibits a variety of ownership forms. Most common and familiar is ownership by those persons -- individuals or organizations -- that supply the firm with financial capital. Other forms of ownership are important as well, however, including employee...

This is the long-awaited second edition of this highly regarded comparative overview of corporate law. This edition has been comprehensively updated to reflect profound changes in corporate law. It now includes consideration of additional matters such as the highly topical issue of enforcement...

Business corporations in the nineteenth century often imposed limits on the voting rights of large shareholders. Economic historians have generally interpreted these voting restrictions as a contractual mechanism designed to protect small shareholders in a legal environment that afforded...

This article explores the reasons for the current dominance of the nonprofit form in the high-culture performing arts, and concludes that this development is a response to the need for price discrimination in that sector. The article develops a model of a nonprofit performing arts organization...

The Role and Structure of Organizational Law In every society, the law establishes a set of standard legal entities. In the United States, these entities include the business corporation, the cooperative corporation, the nonprofit corporation, the municipal corporation, the limited liability...