The Transformation of Modern Corporation Law: The Law of Corporate Groups

Abstract

The response of the law to the challenge presented by the emergence of multinational corporations and other corporate groups as the dominant institutions in the world's economy is a major development in American and world jurisprudence.As commerce and industry have become transformed in the centuries since the beginnings of the Industrial Revolution, the corporation laws of the countries of the western world have become anachronistic.The traditional corporation law presupposing as its subject the individual corporation and looking upon it as the basic legal unit entity no longer adequately serves all the needs of modern jurisprudence.To deal with this institutional weakness, the traditional law in a growing number of areas is being supplemented by a doctrine of enterprise law that focuses on the business enterprise as a whole, not on its fragmented components.'In selected areas, this newer perspective of the law better

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