The corporation from the Middle Ages to intellectual monopoly capitalism

The modern business corporation emerged from the medieval and chartered corporations. The medieval tradition of legal pluralism was replaced by two ‘pure’ disciplines – Law and Economics – that left no conceptual space to understand its hybrid nature, decentralizing law-making and centralizing market transactions, or to frame its person-thing duality. Under intellectual monopoly capitalism, this hybrid nature has degenerated: corporations have monopolized knowledge, outsourced production to dependent peripheral firms, and become deeply intertwined with financial markets and geopolitical rivalries – lending substance to notions of techno-feudalism, while marking a profound break with the medieval tradition of open science that first made competitive markets possible.