Is the Corporation an Enemy of Democracy? How to Give the Corporation a Little Soul

Abstract

Polanyi's book Great Expectations provides a framework for a critique of the US corporation. Using drug pricing by Big Pharm and gun rights by gun manufacturers, I argue that corporate actors use the free market as an excuse for soulless actions. Such actions threaten democracies, as citizens prefer corrupt dictators to unregulated markets that cause mass disruption and distress. The best hope for the US corporation (and its democracy) is for executives and investors to use their leverage so that corporations act in a socially responsible manner.