> People were already investing, without corporations, in the eleventh century. As I said before, your claim was untrue.
Yes, they did. But investing is not a binary, all or none event. You continually fail to address that less risk means more investment. You fail to address the fact, as quoted above, “ To the economist the concept is essential, for without limited liability capital acquisition would be difficult indeed.”
For someone claiming I fail to see a middle ground, you’re doing it repeatedly.
History shows limited liability spurred economic growth, which is why it’s used in likely every of the 200 plus countries. It’s why economists often list it as one of the greatest economic inventions of all time.
As to contracts, a LLC is a contract. As to gross negligence, it violates protections of the LLC. The contracts you argue for are a LLC.
Do you claim investment would be at the same level without limited liability?
> History shows limited liability spurred economic growth
Not even all forms of limited liability are equal, let alone all forms of corporate structure of which limited liability is only a part. To argue that all of the extensions to corporate personhood over the last 200 years are justified because of economic growth over the same time is not only to conflate different things but to confuse correlation with causation. That's where this discussion started - not with limited liability alone, but with corporate personhood in general, so I guess we can add the fallacy of composition to your trifecta. I refuse to engage with more such sophistry.
That's a good idea, since your contract argument simply reinvented limited liability. Also your black and white thinking is off: for example, I never argued about "all extensions are justified by economic growth," nor have I continually reduced positions to binary when they're clearly not. I think you're arguing against what you want me to write instead of what I've actually written.
Yes, they did. But investing is not a binary, all or none event. You continually fail to address that less risk means more investment. You fail to address the fact, as quoted above, “ To the economist the concept is essential, for without limited liability capital acquisition would be difficult indeed.”
For someone claiming I fail to see a middle ground, you’re doing it repeatedly.
History shows limited liability spurred economic growth, which is why it’s used in likely every of the 200 plus countries. It’s why economists often list it as one of the greatest economic inventions of all time.
As to contracts, a LLC is a contract. As to gross negligence, it violates protections of the LLC. The contracts you argue for are a LLC.
Do you claim investment would be at the same level without limited liability?