Socializing Capital

Abstract

This chapter reviews the history of how the modern corporation developed as a form of socialized property. It enumerates some of the important consequences of those developments and briefly mentions recent trends. The empirical focus is the corporate revolution of the late nineteenth and early twentieth centuries, when the large publicly traded corporation became the dominant form of enterprise. The main point is that the socialization of property originated in the corporation when it was an extension of state power and over time retained its social character while shedding its accountability to the public.