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For Profit: A History of Corporations

For Profit: A History of Corporations

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  • Create Date：2023-12-14 15:21:48
  • Update Date：2025-09-07
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  • Author：William Magnuson
  • ISBN：1541601572
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Summary

An “eloquent” （ Economist ） history of how corporate innovation has shaped society， from ancient Rome to Silicon Valley   

Americans have long been skeptical of corporations， and that skepticism has only grown more intense in recent years。 Meanwhile， corporations continue to amass wealth and power at a dizzying rate， recklessly pursuing profit while leaving society to sort out the costs。 
  
In  For Profit ， law professor William Magnuson argues that the story of the corporation didn’t have to come to this。 Throughout history， he finds， corporations have been purpose-built to benefit the societies that surrounded them。 Corporations enabled everything from the construction of ancient Rome’s roads and aqueducts to the artistic flourishing of the Renaissance to the rise of the middle class in the twentieth century。 By recapturing this original spirit of civic virtue， Magnuson argues， corporations can help craft a society in which all of us—not just shareholders—benefit from the profits of enterprise。 

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Reviews

Robert Kaplan ，

Avoid reading this book。 I bought this based on the Economist’s pick of top books and have no idea how did this get there… Not sure if I ever read a worse book。This is NOT a book about history of corporations。 Magnusson picks 8 examples of large corporations for which he provides a shallow one-sided criticism of what his selected corporations did wrong。 There are even full books on the examples companies， so if you are at least somewhat familiar with them， there is nothing new to learn。Magnusson Avoid reading this book。 I bought this based on the Economist’s pick of top books and have no idea how did this get there… Not sure if I ever read a worse book。This is NOT a book about history of corporations。 Magnusson picks 8 examples of large corporations for which he provides a shallow one-sided criticism of what his selected corporations did wrong。 There are even full books on the examples companies， so if you are at least somewhat familiar with them， there is nothing new to learn。Magnusson starts the book by assuming the reader hates corporations and believes they are evil and then repeats this over and over as if nobody can think otherwise。 He presents opinions and untruths as facts （e。g。 when trying to demonstrate how bad and evil shareholders are， Magnusson at one point states that shareholders do not take any risk and only collect huge dividends…）。 What the hell？I will continue to wonder if Magnusson （he is a lawyer） does not understand basics of finance or if he just ignores it。 Somehow， he takes for granted a simple truth that if a company exists and generates profit， it is already beneficial for a society。So i read his superficial and poorly argued chapters and got to the conclusion section where he presents his “handy toolkit for government policy makers and executives for making wise decisions”。 Now， this is not even good high school level essay writing。Thinking of writing something positive， but there is nothing。 。。。more

Shawn ，

3。5 Decent。 Nice overview of factors influencing the rise and powers of corporations through time。 Conclusion section did a nice job of summarizing the whole book in short。

Ronald Mann ，

Not what I expected。 I thought I'd get a history of corporations。 Why the law granted the limited liability。 How the law limited， and then loosened restrictions on investment， decision making， distribution of funds。 But what I got was ten anecdotal chapters about the greatest hits of corporations through history， with little or no original historical research， and little or no attention to legal issues at all。 Not what I expected。 I thought I'd get a history of corporations。 Why the law granted the limited liability。 How the law limited， and then loosened restrictions on investment， decision making， distribution of funds。 But what I got was ten anecdotal chapters about the greatest hits of corporations through history， with little or no original historical research， and little or no attention to legal issues at all。 。。。more

Paige Kay ，

A very worthwhile read tying together history， economics， and business。 Focusing each period/business development around a single main case study really helped ground a lot of the more nebulous economic principles and impacts and overall I thought the book did a good job balancing it's perspective between the benefits of corporations and the potential harms and dangers。 A very worthwhile read tying together history， economics， and business。 Focusing each period/business development around a single main case study really helped ground a lot of the more nebulous economic principles and impacts and overall I thought the book did a good job balancing it's perspective between the benefits of corporations and the potential harms and dangers。 。。。more

Jose Miguel Porto ，

I really enjoyed reading this book。 Corporations are legal fictions created by the state so that people can take risks and pursue enterprises for the common good。 By granting limited liability， corporations capped the downside to investments and allowed for the pooling of funds。 Limited liability also allowed for shareholders not to be liable for what the corporation did， or failed to do。 The author argues that corporations were initially charted by the king， and to be charted the corporation re I really enjoyed reading this book。 Corporations are legal fictions created by the state so that people can take risks and pursue enterprises for the common good。 By granting limited liability， corporations capped the downside to investments and allowed for the pooling of funds。 Limited liability also allowed for shareholders not to be liable for what the corporation did， or failed to do。 The author argues that corporations were initially charted by the king， and to be charted the corporation required to prove that the enterprise was for the common good。 Along the way， such essence has been lost and nowadays， corporations are incorporated by filing some paperwork， without the need to prove any common good， and working towards profit maximization （at all cost） has become the common ethos。 Corporations are the cornerstone of capitalism， they embody the ability to pursue any goal， reach those goals as impossible as they might be， and in the meantime bring prosperity to all those involved in the venture。 Corporations also embody the dark side of capitalism， poised with greed， corruption and materialism above else， including a threat to democracy。 Looking at the evolution of corporations allows us to understand their origins and how best we can seek to improve corporate governance to ensure that corporations work for the common good。 。。。more

Max Grogg ，

A great starter book to walk you through the most important developments in the birth and evolution of the corporation。

Justin J。 ，

The chapter on Facebook was worth the money。 That part was very well written。 Overall， the eight examples used to analyze the evolution of corporations were well chosen。 What I could have done without was the conclusion chapter。 It was pedantic。 Just academic wishy washy。 A combination of finger wagging at corporations and appeals for more regulation/governance。 But then again it was written by a law professor， a more ivory tower bunch you would be hard pressed to find。 So read the chapters。 Ski The chapter on Facebook was worth the money。 That part was very well written。 Overall， the eight examples used to analyze the evolution of corporations were well chosen。 What I could have done without was the conclusion chapter。 It was pedantic。 Just academic wishy washy。 A combination of finger wagging at corporations and appeals for more regulation/governance。 But then again it was written by a law professor， a more ivory tower bunch you would be hard pressed to find。 So read the chapters。 Skip the conclusion。 。。。more

Konstantin Samoylov ，

I've learnt a lot of facts that for some reason I never new from the 'standard' education。 It looks like the renaissance spikes in the human history can be facilitated by the growth of corporations at that era: Roman Empire， Italian Renaissance， British Empire， American growth， Internet era etc。 With similar outcome: the corporations were very successful， they grew so large they started to compete with the state and state crushed them。 I think the author has the Statist view on the history: the I've learnt a lot of facts that for some reason I never new from the 'standard' education。 It looks like the renaissance spikes in the human history can be facilitated by the growth of corporations at that era: Roman Empire， Italian Renaissance， British Empire， American growth， Internet era etc。 With similar outcome: the corporations were very successful， they grew so large they started to compete with the state and state crushed them。 I think the author has the Statist view on the history: the state is the origin and the ultimate goal of everything。 The State is synonymous with the society and state growth and success is the greater good。 I disagree， but the author separated facts and his interpretation of the facts so I enjoyed the book。 I'm glad I read the book。 。。。more

Czar Yobero ，

"For Profit: A History of Corporations" by William Magnuson is an eloquently written and captivating exploration into the evolution of the corporate entity， showcasing its multifaceted manifestations throughout the ages。 The crux of the author's narrative revolves around the intriguing notion that corporations were originally conceived to serve the greater good of society。 However， as the pages of history unfurl， it becomes evident that the mere existence of corporations， albeit founded with nob "For Profit: A History of Corporations" by William Magnuson is an eloquently written and captivating exploration into the evolution of the corporate entity， showcasing its multifaceted manifestations throughout the ages。 The crux of the author's narrative revolves around the intriguing notion that corporations were originally conceived to serve the greater good of society。 However， as the pages of history unfurl， it becomes evident that the mere existence of corporations， albeit founded with noble intentions， did not invariably translate to virtuous outcomes。Magnuson deftly navigates through historical epochs， unveiling a tapestry of instances where corporations embarked on their journeys with philanthropic missions， only to veer astray from their initial purpose。 The annals of time bear witness to a litany of corporations that embarked on benevolent endeavors but ultimately deviated into the realms of exploitation and abuse。 Among these is the saga of Roman societates， which commenced with noble aspirations of public welfare， yet progressively transmuted into instruments of oppression， subjugating foreigners and manipulating the Senate for their gain。The narrative gains further texture with the chronicle of the East India Company， an emblem of global trade expansion and exploration。 While hailed for its initial contributions to world commerce， the company's unchecked dominance led to the egregious maltreatment of local governments abroad， culminating in episodes of famine and warfare that underscored the paradox of its existence。The Union Pacific Company， a conduit for connecting a nation， emerges as yet another exemplar of the dichotomy inherent in the corporate saga。 As the continental United States celebrated its unity through the company's efforts， the shadow of monopolistic power loomed， casting a pall over the triumph of connectivity。In summation， "For Profit: A History of Corporations" presents a compelling narrative that scrutinizes the underbelly of corporate history， challenging the conventional perception of their altruistic essence。 William Magnuson's artful prose invites readers on an intellectual journey through time， navigating the intricate interplay between corporate intent and societal impact。 In its totality， this book stands as a commendable endeavor， fostering a nuanced comprehension of the corporate institution's complex relationship with the public welfare， while also providing a cautionary tale of its potential for divergence from noble aspirations。 。。。more

David ，

I have a minor problem with this book。 It could have been restricted to the contents in the introduction and the conclusion。 The author could have refined the content in those sections and expanded it。 It would have been a shorter book， it would have been a book purely about how corporations need to inject a little bit of social responsibility into their operating structure， and it would have been a better book。 Rather， four-fifths of the book was dedicated to telling the story of corporations t I have a minor problem with this book。 It could have been restricted to the contents in the introduction and the conclusion。 The author could have refined the content in those sections and expanded it。 It would have been a shorter book， it would have been a book purely about how corporations need to inject a little bit of social responsibility into their operating structure， and it would have been a better book。 Rather， four-fifths of the book was dedicated to telling the story of corporations through 8 companies。 On its own， there was really nothing wrong with this system except that no attempt was made （with the exception of the first 3） to make these companies a larger story of the era。But my main problem with the book is that the author doesn’t seem to understand that the point he tried to make by giving us a profile of these 8 corporations was actually counter to his intentions。The author tries to convey the idea that corporations were never meant to be purely for profit。 And to back this up， he gives us corporations like the Medici banking family， the joint stock companies of the 17th and 18th centuries and the Societas of the Roman republic / empire。 Which makes me wonder why it never occurred to the author that the common good for which these corporations were founded was merely ostensible and a front through which powerful and well-connected individuals hand-picked by the ruling elite could be used to profit from the people。 In what universe， for example， was the Medici Banking family incorporated for the common good？ He even wrote that “The Medici Bank in Florence was denounced for engaging in usury， and the Dominican friar Savonarola led bonfires of the vanities to campaign against their vices。” Again， he writes， Beyond the church， kings， rulers， and nobles formed another important component of the Medici Bank’s clientele。 These groups were in more or less constant need of money during the Renaissance to fund their wars， build their castles， and buy their luxury goods， and the Medici Bank proved a reliable source of it。 Is this an example of a body that is founded to provide for the common good？Another example， he points out that “Roman publicans became renowned for their greed and corruption， leading to their eternal association with sinners in the Bible。 ” But he later goes ahead to say that ” But Romans living in the Roman Republic viewed publicans quite differently。 The publicans were a respected and even revered class within Roman society for much of the existence of the commonwealth。 Their very name suggests their close connection to the state: publica means “public，” and res publica， “public thing” or “republic。” The publicani themselves were government contractors—that is， private citizens who negotiated with the government to perform public duties。 Since there was no large government bureaucracy to do so， the republic depended heavily on publicans to keep the state running。’Here then is my question？ Are we supposed to derive the template of corporations as instruments of common good by looking to times when corporations were instruments of either imperial power or states with over-extended spheres of power？ The Romans who lived in Rome might have viewed the publicans differently。 But that is probably because they were not feeling their rod。 Just as British people might have viewed the joint stock companies differently from the way the actual people in India， for example。 By that standard， only defense contractors can be said to be operating under the author’s sense of common good。In the end， the author suggests ways to make corporations better and more responsible。 No problem with me there。 All it shows is that the author should have written a different book， a book about corporate social responsibility rather than one purporting to show a non-existent time when corporations existed to serve the common good。 Corporations have never served the common good。 The earliest ones have profited from state projects （and still do if you include federal contractors， especially defense contractors）， but that is not the same as saying they existed to promote the common good。 I would rather have giant corporations like Apple and Facebook rather than the joint stock companies of the 17th century or the Societas of the Roman republic。 。。。more

Monica Bond-Lamberty ，

Such an important and interesting read。It is time for our lawmakers to realize that when you bail out a company that is "too big to fail" then that isn't capitalism， it is socialist capitalism。 When you eliminate risk then you eliminate competition。 When corporations control political decision then we are closer to Soviet style communism than to actual capitalism。We need to think about capitalism along nationalist capitalist lines。 There are decisions we need to make for the good of the country。 Such an important and interesting read。It is time for our lawmakers to realize that when you bail out a company that is "too big to fail" then that isn't capitalism， it is socialist capitalism。 When you eliminate risk then you eliminate competition。 When corporations control political decision then we are closer to Soviet style communism than to actual capitalism。We need to think about capitalism along nationalist capitalist lines。 There are decisions we need to make for the good of the country。 If we all agree that people shouldn't be allowed to make money selling children into sexual slavery then we can all agree that there can be reasonable limitations placed on corporations and business in general。 。。。more

Maria ，

I love histories of a niche topic that show how they've affected the course of History writ large。 I was hoping for that！ It turned out to be a story of 8 corporations， which was less exciting。 The first few - the Romans， the Medici bank， and the East India Company - were pretty interesting， but the later ones were pretty familiar stories retold。 The book was also very repetitive。Finally， the concluding "recommendations" for corporations were almost painful to read。 So naive and cheesy and tooth I love histories of a niche topic that show how they've affected the course of History writ large。 I was hoping for that！ It turned out to be a story of 8 corporations， which was less exciting。 The first few - the Romans， the Medici bank， and the East India Company - were pretty interesting， but the later ones were pretty familiar stories retold。 The book was also very repetitive。Finally， the concluding "recommendations" for corporations were almost painful to read。 So naive and cheesy and toothless。 。。。more

Dominic ，

This review has been hidden because it contains spoilers。 To view it， click here。 Magnuson covers inflection points of the history of the corporation: the Roman idea of the company， the Medici bank， the joint stock company， the assembly line， the venture-backed startup。 Entertaining writing， but I can't help but think I'm missing context Magnuson covers inflection points of the history of the corporation: the Roman idea of the company， the Medici bank， the joint stock company， the assembly line， the venture-backed startup。 Entertaining writing， but I can't help but think I'm missing context 。。。more

Clay ，

This book explores the influence and impact of corporations throughout history。 Magnuson is both a law professor and a former mergers and acquisitions professional。 He writes about business history and how corporations affect world events。Early corporate entities in Rome provided essential goods and services to the Roman Republic。 These corporations showed the ability to manage important tasks for the state。 The fall of the republic and the rise of monarchies caused corporations to decline and l This book explores the influence and impact of corporations throughout history。 Magnuson is both a law professor and a former mergers and acquisitions professional。 He writes about business history and how corporations affect world events。Early corporate entities in Rome provided essential goods and services to the Roman Republic。 These corporations showed the ability to manage important tasks for the state。 The fall of the republic and the rise of monarchies caused corporations to decline and less efficient bureaucratic systems to take over。The book looks at how corporate structures and practices changed over time。 Magnuson examines the Medici family's role in creating a banking empire in Renaissance Florence。 Medici's innovative financial practices， such as currency exchange and secure deposit services， still resonate today。 The Medici family competed ruthlessly and clashed violently with rivals， overshadowing their arts patronage。The book also explores the British East India Company， which wielded both military force and economic influence in establishing a British presence in India。 Aggressive tactics by the company， such as preferential product treatment， led to the American Revolution。In the 19th century， corporations became less overtly violent but remained highly exploitative。 The Union Pacific Railroad connected the nation but was corrupt and imposed unfair prices。 This era was marked by wealthy industrialists， known as Robber Barons， yet their ruthless business practices generated a public backlash。The author addresses the issue of public perception， illustrating how prominent figures like John D。 Rockefeller， despite engaging in cutthroat competition and manipulation， also contributed to societal progress。 Rockefeller's domination of the oil industry resulted in an extensive fuel network and transportation system that persists today。 Similarly， Henry Ford's revolutionary production methods and introduction of affordable automobiles profoundly impacted industrial production and mass consumerism。 Ford is an example of a corporate leader who worked to achieve both profits and societal goals。 When he opened his assembly line， he paid his workers $5 a day， double the standard rate at the time， for an eight-hour day rather than the industry's 9- or 10-hour day standard。 When asked why he would do this， he said: "We believe in making twenty thousand men prosperous and content rather than follow the plan of making a few slave drivers in our establishment multimillionaires。" Later， Ford became anti-union and pro-Nazi， but the assembly line remained a huge benefit to human welfare。Multinational corporations such as Exxon Mobil， which evolved out of the breakup of Rockefeller's Standard Oil， have increasingly lost their national identity。 Dependence on global supply chains may mean resources from one set of countries， production in another， and sales in another。 Yet， during crisis periods， multinationals helped support their "home" governments， like Exxon and other US-based oil majors did during the Arab oil embargo of the 1970s。The book highlights the transformation of corporations in the modern era。 The rise of unions and bureaucratic inefficiencies led to the emergence of private equity firms like Kohlberg Kravis Roberts & Co。 （KKR）。 Initially focused on assisting family-owned businesses， these firms evolved into more aggressive entities， leveraging debt， layoffs， and asset sales to increase company value。 The impact of private equity on businesses has been mixed， with both positive and negative social and financial consequences。Magnuson concludes by examining contemporary high-tech corporations， using Meta （formerly Facebook） as an example。 While influential， these companies face criticism for privacy concerns and addictive platforms。 The book recognizes the rising animosity towards corporations but encourages a greater understanding of their societal role。One issue that isn't clear is why corporations， since the 1970s， particularly those based in the USA， have increasingly ignored their traditional obligation to promote the common good as well as profits。 The book shows that extreme corporate focus on profits in the USA is a recent development， contributing to income inequality and greater reliance on under-funded government programs to support societal goals。 Why has this happened at this point in time in the USA and other places？ The book doesn't say; instead， it emphasizes the need for corporations to be socially and economically responsible by keeping some rules in mind: 1。 Don't overthrow the republic-- corporations should serve the greater good， and not destroy democracy; 2。 Think long term-- learn from the Medici bank and don't sacrifice the long term for short-term advantage; 3。 Share with shareholders--give them essential information， treat them fairly; 4。 Compete， but fairly-- provide better products and lower prices， but not to put competitors out of business; 5。 Treat your workers right; 6。 Don't destroy the planet-- This rule is a particular concern because of the existential risk of climate change， which can only be addressed through the combined efforts of government and corporate leadership; 7。 Don't take all the pie for yourself; 8。 Don't move too fast or break too many things。The book has many valuable insights into corporations' historical significance and complex nature。 It highlights their role as wealth generators， innovation drivers， and societal change catalysts， and also their spectacular failures over time in protecting the interests of society。 Increasing corporate benefits to our society and planet while reducing the costs is a crucial challenge for the USA and the planet。 。。。more

Chuck ，

An excellent read。。。felt it was very balanced in its presentations of both the good and bad wrought by corporations， and some fascinating histories of some of the world's most impactful corporations through history。Took so long to get through this one because I lost the first copy I had， and had to get a new one， lol An excellent read。。。felt it was very balanced in its presentations of both the good and bad wrought by corporations， and some fascinating histories of some of the world's most impactful corporations through history。Took so long to get through this one because I lost the first copy I had， and had to get a new one， lol 。。。more

Cheryl ，

This is a fascinating historical look at how “did we get here” with respect to corporations。 Magnuson does a great job of using historical settings to explain the evolution of lending and credit， stocks， bonds， corporate raiders， monopolies and Silicon Valley start-ups。 You will read about: Rome where wealthy citizens formed separate entities to provide services for the government， funded by shareholders who provided the capital。 Florence during the Renaissance where the very clever Medici famil This is a fascinating historical look at how “did we get here” with respect to corporations。 Magnuson does a great job of using historical settings to explain the evolution of lending and credit， stocks， bonds， corporate raiders， monopolies and Silicon Valley start-ups。 You will read about: Rome where wealthy citizens formed separate entities to provide services for the government， funded by shareholders who provided the capital。 Florence during the Renaissance where the very clever Medici family developed a method of accounting （still used today） as well as a way around the Vatican’s prohibition on requiring ANY interest payment on a loan。 Any interest payment on a loan， no matter how small was considered usury at the time according to church teachings。 London during the rise of the British Empire where the financing for British imperialism was obtained by the issuing of stock and the establishment of a London stock exchangeThe construction and financing of the transcontinental railroad after the Civil War and the emergence of corporate monopolies。 How Ford Motor company’s assembly line changed business forever in terms of manufacturing， and treatment of labor。How monopolies such as Standard Oil which were eventually broken up as a result of the passage of the Sherman Anti-Trust Act of 1890 and how their many offspring （Exxon for example） became multi-national corporations。 How private equity and corporate raiders （like KKR & Co） used leveraged buyouts to take over various businesses， turn them around and sell them at a profit。 How Silicon Valley start-ups like Facebook and Twitter have not only made money and prospered， they have changed the entire culture of the country。 If you enjoy reading about history and would like a better understanding of the evolution of business， you will really enjoy this one。 。。。more

Peter Lineham ，

Magnuson writes in a very nicely styled way， choosing very selective answers in order to draw his picture。 Any detailed study would want to refine the picture and add regional variations and fill in some missing links。 Like other reviewers I have to admit some annoyance with the conclusion and its optimistic account that corporations have been good for society。 Surely the Dodge case against Ford and the outrages OMF the corporate raiders must raise large questions about this。 Still it was an enj Magnuson writes in a very nicely styled way， choosing very selective answers in order to draw his picture。 Any detailed study would want to refine the picture and add regional variations and fill in some missing links。 Like other reviewers I have to admit some annoyance with the conclusion and its optimistic account that corporations have been good for society。 Surely the Dodge case against Ford and the outrages OMF the corporate raiders must raise large questions about this。 Still it was an enjoyable read。 。。。more

ND ，

"Personal gain ought to be a public asset， not a cost to it。" Literary author Hernan Diaz's character Andrew Bevel words sums up the main point William Magnuson hopes to convey in this book 。 A good entry point on what is the purpose of corporations。 I always held that the purpose of a corporation is to make a profit for its shareholders。 Magnuson challenges this view using the historic purpose of corporation from their beginning， how they have consistently changed， their effect in shaping socie "Personal gain ought to be a public asset， not a cost to it。" Literary author Hernan Diaz's character Andrew Bevel words sums up the main point William Magnuson hopes to convey in this book 。 A good entry point on what is the purpose of corporations。 I always held that the purpose of a corporation is to make a profit for its shareholders。 Magnuson challenges this view using the historic purpose of corporation from their beginning， how they have consistently changed， their effect in shaping society and the role they should play。It a good read for entertainment， analysis of business history but also on corporate ethics。 。。。more

Crunknor ，

Did a corporation write this？

Humzah Yazdani ，

Splendid book。 Full of important historical facts brought together in the conclusion。 I read the last 3rd of the book casually on a Sunday morning/afternoon， that’s how hooked I was！ An excellent book and a very important one for our current times focusing on what’s the purpose of a corporation through a historical lens。

Will Thompson ，

Love the historical case approach in digging into the evolution of corporations but conclusion chapter was a little clunky。

Victoria ，

DNFI expected to enjoy this， but oof， too dense。

Dan Connors ，

"I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country。。。 corporations have been enthroned and an era of corruption in high places will follow， and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed。" Abraham Lincoln It's amazing the Lincoln saw the dangers of corporations long before the robber baro "I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country。。。 corporations have been enthroned and an era of corruption in high places will follow， and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed。" Abraham Lincoln It's amazing the Lincoln saw the dangers of corporations long before the robber barons and excesses of the next 50 years led to the Great Depression。 For all of history mankind has had a love/hate relationship with corporations。 On the one hand， they can produce remarkable wealth and useful products beyond our imaginations。 But on the other hand， they can corrupt entire systems and initiate a race to the bottom where only the bottom line matters。 Where did corporations come from？ And how can we reap their benefits while taming the immense powers they hold over workers， politicians， and ordinary citizens？ 。。。more

TuomasV ，

A history of corporations is a bit misleading title here。 The content is about some selected corporations from the history and some pretty good stories about those。 The book focuses more on what went wrong with the corporations in regard to their impact to the society as a whole， and even has the final chapter about how to fix problems with the big corporations， which I think should have been edited out。 The best part was the stories about the worlds first corporations from Florence and Rome。 I A history of corporations is a bit misleading title here。 The content is about some selected corporations from the history and some pretty good stories about those。 The book focuses more on what went wrong with the corporations in regard to their impact to the society as a whole， and even has the final chapter about how to fix problems with the big corporations， which I think should have been edited out。 The best part was the stories about the worlds first corporations from Florence and Rome。 I would recommend reading the first third of the book。 。。。more

B ，

This book celebrates the virtues of corporations both through its characteristics （limited liability， joint stock， and being a single legal entity） and through its potential to utilize the power of capitalism in the most efficient way to bring progress and transform societies。 It offers a quick survey of development of corporation from its relatively rudimentary form in Roman times as societas pubilcanorum to our present-day form as start-up outlining their raison d’être as well as the innovatio This book celebrates the virtues of corporations both through its characteristics （limited liability， joint stock， and being a single legal entity） and through its potential to utilize the power of capitalism in the most efficient way to bring progress and transform societies。 It offers a quick survey of development of corporation from its relatively rudimentary form in Roman times as societas pubilcanorum to our present-day form as start-up outlining their raison d’être as well as the innovations they have brought to capitalism through case studies of banking， the concept of joint stock， monopoly power， assembly line/mass production， multinational reach， and corporate takeovers。 I was able to relate to most of these chapters since I had read books on these themes （“Medici Money” on banking in Florence where I learnt about the ingenious idea of “bill of exchange” and “discretionary deposit” to circumvent the religious rules on usury; “Outsourcing Empire” on East India company / joint stock where I learnt about in-company fighting and the ensuing attempts to establish checks and balances to align management and owners’ interests; “Americana” and “Goliath” on monopolies and anti-trust movement etc。）tThe book is reasonably well-structured in presenting the successes and shortcomings （mainly in the form of corruption and fraud） of the institution， and it provides interesting tidbits of information –even if some of it is tangentially relevant at best （yet certainly interesting in themselves） to the topic such as various battles of the 2nd Punic war and the Fabian strategy that won it for Rome， or about Elihu Yale， an official at East India company whose donations contributed to the foundation of the Yale University， or on how “cowcatchers” came to be added in front of locomotives etc。 Among the heap of knowledge from this book that I was happy to add to my knowledge-bank are: how some of the East India company officials spread rumours to manipulate the company’s stock prices， how under Child’s leadership the company sidelined the British government to pursue its own interests， and how the company played a role in alienating Americans， hastening the revolution; how Rome， ruled by a small bureaucracy， relied heavily on companies that acted as quasi-governmental agencies both in catering to public works and collecting of taxes on behalf of the republic and how they became “systemically important” and abusive in their practices; how the healthy competition between Union and Central Pacific companies helped pave the way for the American transcontinental railway system （but also were given many concessions including land grants and rights to minerals found in them）， the Credit Mobilier scandal， the subsequent rise of robber barons and the anti-trust movement， and most interestingly the watering down of the anti-monopoly laws over the years; Ford as a controversial figure， both as a benevolent employer providing the best wage for his employees， but also as an overly paternalistic one monitoring them through the infamous “Sociological Department，” his innovative techniques of assembly lines “to take the work to the men instead of the men to the work，” and most importantly how Fordism led to consumption and advertising spree for the rest of the 20th century; the growth of multinational firms led by Exxon’s efforts to find alternative oil resources to reduce dependence on the middle east; how private equity firms used strategies like leveraged-buyouts where they load their targeted companies with debt， and structured their earnings through various fees （primarily through management and carried-interest）， and used junk-bonds in financing their acquisitions; and the blatant “move fast and break things” strategy pioneered by Zuckerberg’s Facebook and adopted by other start-ups。Professor Magnuson’s book remains， however， a mediocre work as the book suffers from repetitive passages， and some factual inaccuracies （the author claims Florence was the most powerful city-state in Italy – it was probably the richest for a short while but was a military midget compared to most of its neighbours）。 The quality of the book takes an unfortunate nosedive at the last section where the author in his absolute naïveté grounded on the belief that the corporation has “obligations to society”， offers “suggestions” full of incurable optimism that are seemingly aimed at the C-suite leaders in order to preserve the “spirit of capitalism。” This “spirit” according to the author， was at its inception firmly anchored in morality to promote the public good and Professor Magnus nostalgically （and probably vainly） years for a return to its original purpose。 。。。more

Mike Zickar ，

I enjoyed the history portion of the book， with it's wide-ranging coverage of the corporation from ancient Rome to American railroad companies to Facebook。 But the last chapter， in terms of how to address the future of corporations seemed thin and based on an assumptions that we already know aren longer tenable。 I enjoyed the history portion of the book， with it's wide-ranging coverage of the corporation from ancient Rome to American railroad companies to Facebook。 But the last chapter， in terms of how to address the future of corporations seemed thin and based on an assumptions that we already know aren longer tenable。 。。。more

Rags ，

Great beginning when it discusses the Roman empire， the Medicis， the East India company， Ford， and KKR。 Unfortunately discussions of changes in organizational structure fall off as we move to the end of the book and disappear in the discussion of Facebook。 5 stars for the first half， 3 stars for the second， for an average of 4。

Sebastiano Gualtieri ，

I was hoping for a comparative history with more technical details on corporate structure。 This book contains instead a series of short stories about Roman societas publicanorum， Medici bank （fantastic chapter）， East India Company， US railway， Ford， private equity （great） and startups （interesting）。 The author could have spared us his ethical suggestions in the last chapter。

Miłosz Taracha ，

Stories of a few companies with a pretty thin overarching narrative about the overall purpose of corporations （they’re good actually）。

Steve C ，

This admirably even-handed book tells the story of the Western world's most powerful corporations: Roman corporations， the Medici bank， the East India Company， Union Pacific Railroad Company， Ford Motors， Standard Oil， KKR （Kolhlberg， Kravis， Roberts）， and Facebook。 Apart from this story-telling， it tries to draw more general conclusions about the trajectory of the corporation itself。 How did the form of the corporation change over time and， most fascinatingly， has it reached its “final form”？ W This admirably even-handed book tells the story of the Western world's most powerful corporations: Roman corporations， the Medici bank， the East India Company， Union Pacific Railroad Company， Ford Motors， Standard Oil， KKR （Kolhlberg， Kravis， Roberts）， and Facebook。 Apart from this story-telling， it tries to draw more general conclusions about the trajectory of the corporation itself。 How did the form of the corporation change over time and， most fascinatingly， has it reached its “final form”？ We learn that a corporation is a special kind of business or firm， one created through special license from the state。 Unlike private individuals:1。 A corporation consists of “a group of individuals incorporated by law into a single body” that can “act， and be acted upon， as one”。 （4） It is， in other words， a person。 2。 Corporations can issue shares to public investors。 （5）3。 They possess limited liability， so stockholders can “rest assured that their purses are safe from the grasp of creditors” （5）This set of rights is extraordinarily powerful – it can ensure stability for businesses and help to direct capital to productive uses， even socially productive uses。 Magnuson suggests it is crucial for understanding the success of Ancient Rome。 Corporations allowed Rome to extract taxes from its populace and accomplish other large public projects （including， apparently， feeding the sacred geese on the Capitoline Hill）。 For example， the right to tax a certain province might be auctioned off to a corporation for a fixed sum up front。 Though contemporary corporations are generally not created for these public purposes， they nevertheless sometimes act in a way that reflects their origins as public charters， like when the big oil companies got together during the Oil Embargo to make sure that the US remained supplied with oil。 Further innovations to the structure of corporations followed。 The Medici Bank innovated by splitting itself into principal office and branch offices， each with their own limited liability。 If an angry monarch in Belgium sought to take all of the assets from a bank’s Bruges branch， they could only sue the branch and not the principal。 Multinationals extended this principle， so much so that some corporations are no longer truly bound to any single sovereign jurisdiction and indeed are more powerful than them。 As the CEO of Exxon famously testified， “I’m not a U。S。 company and I don’t make decisions based on what’s good for the U。S。” Finally， the “Gordon Gecko” years of the 1970s and 1980s gave rise to private-equity （rather than share-granting） companies that bought corporations and resold them for profit – sometimes improving them， but other times harvesting them。 When it eventually went public， this meant there were corporations whose business was buying and selling corporations。 Yet corporations cause many problems。 First， in virtually all of Magnuson’s case studies， corporations tend to become very powerful， and also to become involved in politics and intrigue。 This， of course， is not unique to corporations。 Second， because the managers and shareholders are not the same bodies， it can be difficult to align their interests。 Sometimes this leads managers to pay themselves overly handsomely， or at least to gorge themselves on corporate jets and club memberships。 Sometimes managers enact their own vision of the company’s good to the expense of profits， particularly when the manager is the founder。 This came to a head in Dodge v Ford Motor Company， where Ford was accused of neglecting profit in favour of his own vision of what was good for society， and the court demanded that he defer to his shareholders （leading him to ultimately buy them out）。 There are other problems when the managers are themselves shareholders; this makes it possible for managers of the corporation to manipulate share prices， as with Josiah Child inventing rumours about his East India Company。 Third， while monopolies can arise anywhere， they are sometimes written into the charter of a corporation created with special license from the state， like the example of the Union Pacific Railroad。 Magnuson lengthily describes the harms caused by this monopoly。 In places， Magnuson’s focus drifts unnecessarily from the corporation itself to industry， particularly in the chapters about Ford and Facebook， which are interesting not because they involved innovative forms of corporation， but because they created novel products or techniques of production。 I’m also left with a few more questions。 What’s so special about corporations that can’t be replicated through ordinary contracts？ How did the ability to form a corporation go from being a privilege to being a right？ I particularly wish that the book was better structured around its most intriguing question: is there a “final form” of the corporation？ 。。。more

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Reference

google book https://www.google.com/search?tbm=bks&q=For Profit: A History of Corporations

hathitrust digital library https://babel.hathitrust.org/cgi/ls?q1=For Profit: A History of Corporations&field1=ocr&a=srchls&ft=ft&lmt=ft

The British Library https://bll01.primo.exlibrisgroup.com/discovery/search?query=any,contains,For Profit: A History of Corporations&tab=LibraryCatalog&search_scope=Not_BL_Suppress&vid=44BL_INST:BLL01&lang=en&offset=0