Corporation are an important facet of our existence. We depend on corporations for nearly all the goods and services that we consume. More than any welfare system, corporations envelop us from cradle to grave. The academic discipline of Business Administration emerged as a result of the rise and increasing importance of corporations. Today, it is virtually impossible to advance in an established firm without having a Business Administration degree. Corporations are so embedded into our economic system that the vast majority of trade in the world occurs within and between corporations.
Whenever there is a debate about the global economic system, there is always this unspoken assumptions that corporations are necessary, indeed vital and permanent. Individual corporations may come and go but as a system, corporations will always be there. So perhaps it is pertinent to ask do we need corporations?
The question posed above actually embeds several questions in itself. The most important of these questions is what set of circumstances are most propitious for corporations? Other questions that arise are why did the need for corporations arise in the first place? The particular form of corporations that generally exists today has remained unchanged for several decades now. This persistence has occurred despite major political, economic and social changes in the local and global environment within which corporations are embedded and within which they operate. Is this form still the most appropriate in today's environment? If yes, will it remain so in the future? What kind of economic structure is most appropriate for today and tomorrow's environment?
I believe that these are important questions that very few people are asking. The answers are not clear but they are bound to be multi-faceted and complex. This is an exploration that needs to be taken for the sake of our future. In future posts, I will try to explore each of these ideas in greater depth.
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