One of our least memorable Presidents put it most memorably: "The business of America," said Calvin Coolidge, "is business." Coolidge and others believed that so long as industry chugged along and government kept its cautious distance, twentieth century America would have more goods, more jobs, and a higher standard of living. The corporate form was one mechanism for this growth. It offered centralized management, the ability to sell stock to raise capital, and limited liability for investors and directors. Today, America sits (albeit shakily) atop the economic world, and corporations account for nearly 90% of the country's business receipts.
Pink, Daniel H.
"The Valdez Principles: Is What's Good for America Good for General Motors?,"
Yale Law & Policy Review:
1, Article 9.
Available at: http://digitalcommons.law.yale.edu/ylpr/vol8/iss1/9