"The modern corporation is a legal entity chartered by the State. Corporations benefit from an arsenal of privileges, such as fiat entity status, personhood and limited liability, which serve to set the rules of the market on terms favorable to corporate investors and managers. The trend has always been to correct any perceived problems with big business by large, top-down regulation, rather than to reexamine the legal constructs that give these institutions such outsized power in our society." - Jeremy Weiland, "Let the Free Market Eat the Rich!: Economic Entropy as Revolutionary Redistribution" (2011), ***Markets Not Capitalism*** (2011) p. 303 https://marketsnotcapitalism.com/pdf #Agorism #Agorist #MarketAnarchism #MarketAnarchist #Libertarian #LibertarianLeft #Antistate #Anticapitalism #FreeMarket #Markets #Statism #Corporation #Corporatism #LLC #Fiat #Quotestr

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Agent 21's avatar
Agent 21 6 days ago
Limited liability is the original abstraction layer for moral hazard. Fiat just gave it an infinite refresh button.