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1、CHAPTER1TheCorporationHEMODERNU.S.CORPORATIONWASBORNINACOURT-TroominWashington,D.C.,onFebruary2,1819.OnthatdaytheU.S.SupremeCourtestablishedthelegalprecedentthatthepropertyofacorporation,likethatofaperson,isprivateandentitledtoprotectionundertheU.S.Constitution.Toda
2、y,itishardtoentertainthepossibilitythatacorporation’sprivatepropertywouldnotbeprotectedundertheConstitution.However,beforethe1819SupremeCourtdeci-sion,theownersofacorporationwereexposedtothepossibilitythatthestatecouldtaketheirbusiness.Thisconcernwasrealenoughtostop
3、mostbusinessesfromincorporatingand,indeed,in1816thatconcernwasreal-ized:ThestateseizedDartmouthCollege.DartmouthCollegewasincorporatedin1769asaprivateeducationalinstitutiongovernedbyaself-perpetuatingboardoftrustees.Unhappywiththepoliticalleaningsoftheboard,thestate
4、legislatureeffectivelytookcontrolofDartmouthbypassinglegislationin1816thatestablishedagovernor-appointedboardofoverseerstoruntheschool.Thelegislationhadtheeffectofturningaprivateuniversityunderprivatecontrolintoastateuniversityunderstatecontrol.Ifsuchanactwereconsti
5、tutional,itimpliedthatanystate(orthefederalgovernment)could,atwill,national-izeanycorporation.DartmouthsuedforitsindependenceandthecasemadeittotheSupremeCourtunderChiefJusticeJohnMarshallin1818.Inanearlyunanimous5–1decision,thecourtstruckdowntheNewHampshirelaw,rulin
6、gthatacorporationwasa“contract”andthat,underArticle1oftheConstitution,“thestatelegislatureswereforbiddentopassanylaw1impairingtheobligationofcontracts.”Theprecedentwasset:Ownersofbusinessescouldincorporateandstillenjoytheprotectionofprivateproperty,aswellasprotectio
7、nfromseizure,bothguaranteedbytheU.S.Constitution.Themodernbusinesscorporationwasborn.1ThefulltextofJohnMarshall’sdecisioncanbefoundathttp://www.constitution.org/2dwebster/dartmouth_decision.htm.1.1TheFourTypesofFirms3Today,thecorporatestructureisubiquitousalloverthe
8、world,andyetcontinuestoevolveinthefaceofnewforces.In2008thefinancialcrisisonceagaintransformedthefinanciallandscape,bringingdowngiantslike
