Simon_Jester wrote:Contract law would continue to exist in Libertopia, and there would therefore be a system of law (common law, most likely) defining what classes of contract can and cannot exist.
At least in the US, contract law is not created by any specific regulatory agency. Nor would it cease to exist in the absence of any single agency, as long as the courts continue to exist.
Oh, yes - and it will be law written by these in power. With money. Regular people will get about as much voice as they already do. As in, zero.
I don't think your definition of "regulatory body" lines up with the libertarians' version. There are supposed to somehow still be courts and police, and the basic principles of contract law (such as 'duress voids the contract') are still in place.
Regulatory body as in government organization that are not courts but say what goes and what is forbidden. These are gone as per OP, and the fact the libertarians are too stupid to stop and consider what it would
really mean is not my fault.
Libertarians actually think this would work, and the point of the exercise is "what if they got what they wished for," not "what if corporations became omnipotent and could somehow enforce contracts against all humans at will while not being required to follow any laws themselves"
Enforce at will? No. Fuck up your life if they wanted?
Yes. It would be similar to feudal lords - maybe they couldn't kill all the serfs if they revolted, but they very much had the capability to behead first one who complained shutting up dissent up to a point.
Debateable. The problem is that while the ancient and medieval nobles' wealth was based in a proprietary sense of land ownership and feudalism, along with the direct loyalty of armed men. Modern elites' wealth is capitalist in character. Ownership is critical, power and control over capital is critical, and all too many of the 'best' CEOs tend to be borderline psychopaths who are in it for the sense of power over vast business empires.
Oh, so they are just like nobles?
Feudal contracts were very much like the contracts that would have arise if the state collapse happened, personal dealings with people established as these on top being followed in return for kickbacks. The top guy is too weak? Then he is toppled or invaded from outside, repeat till you have most ruthless, bloodthirsty bastards in charge.
Take away the paperwork that says a billionaire owns something, and realistically he will not be able to secure control over it. Not if he's dealing with a farflung world empire full of weird and abstract forms of property like stock and intellectual property rights. No number of mercenaries would be able to secure such things- especially since the billionaire's ability to pay the mercenaries is cast into doubt by the very difficulty he has securing his property!
On the contrary. Maintaining such paperwork would be the job of banks - and they would keep doing it, if simply to keep their influence. Feudalism made use of Italian and German banking clans, after all. Sure, maintaining huge company might prove difficult and they would be probably reorganized as result, with complex finance schemes dying or moving abroad, but if you could have personally controlled something as big as Holy Roman Empire 1600 years ago they would have managed today, I think.
The only defense would be to consolidate all the wealth into a single, defensible territorial region... in which case you simply end up recreating feudalism at (temporarily) a higher technological level. Which probably won't last because of the decaying social and economic infrastructure around it.
Why? If ISIS can provide working infrastructure, I see no difficulty for big corporation starting from far higher point to do the same.
Such laws hold up mainly because of corporate law. A private citizen wouldn't stand a chance of entering into an opt-out contract with another private citizen. And in the absence of economic regulation there's no such thing as a corporation. There are only people, and the things those people own.
And yet, Mongols managed to conquer 20 mln square km on just oral agreements, without laws or writing. I think people would have managed to recreate social sturcture, as we have far more examples for them doing so than for rather ridiculous "everyone is now perfectly equal and can sue everyone else using frictionless, free courts having infinite amounts of time to judge and no biases".
With the result that the courts get choked.
Oh, yes, and that means 'might makes right' approach will become far more common.
Because the basis upon which the modern elite maintain their power is different from that of ancient elites. A warlord can write his own laws without difficulty. A billionaire cannot, because he became a billionaire and therefore acquired power under someone else's law. If those laws vanish, then the game he played to acquire his power vanishes, and his power base becomes highly unstable.
I saw enough examples to the contrary from Polish and Russian oligarchs (though first kind now become rare due to EU competition) to be sceptical of that. 90s here were basically half-feudal in nature, even though states didn't collapse completely, hell, you even saw small clandestine wars being waged. Going from that to full feudalism is trivial, IMHO.
LaCroix wrote:Corparate law only vanishes in the USA. The rest of the world keeps it.
I was saying that in most of the civilized world, fine details of economy are set by regulatory agencies, not courts. The safeguards you keep referring to are
gone in the affected area.
You also blatantly ignore the fact that corporations cease to exist. The whole legal groundwork for them is gone. There is no Exxon/Ford/Koch Brothers, anymore. They are only heaps of posession, owned by millions of people, equally, under civil law.
I see nothing in OP stating people are suddenly brainwashed and won't continue as they did before out of inertia or threats, legal or otherwise. Do you?
And civil law still exists and will still be enforced. As will be the national sovereignity of the United states, so no "corporate micro-nations" - those would be answered by a visit of the police, and a
And what, again??
As for police, we have been here before, no regulatory agencies = no taxes collected = no police, unless you see anything in OP stating Q will fund it.
Everyone is suddenly unemployed. There is no insurance anymore. Even Law companies are a thing of the past. The CEO has no right to speak for the company, anymore, as it is gone, and with it, his job. To give him the right to decide back, he'd need to sign a new contract - with ALL of the shareholders.
You know world functioned for thousands of years without these, right? And making switch to oral law and deals would happen inevitably and quickly, especially in USA and their old laws/precedent fetish?
Contract? Please, even in real world there are mechanisms to shut up shareholders or kick them out of ownership (squeeze out, for one). Doubly so in the world where suddenly all checks to big money power are gone.
That'S why coorporations were created under corporate law - because having a business with more than one owner was a clusterfuck under civil law - and all former corporations will now experience this pain, multiplied by millions. Every little decision will have to be approved by ALL shareholders, or it can be stopped by the ones against it, by going to court. It only needs a single share to block everthing, if you want to.
I see nothing in OP stating Q will also take over the courts as this would need to happen for the people on top even bothering to listen to small shareholders. Compulsory buyout would be best thing they could count on, IMHO.
Courts will be swamped, and layers will be in heaven, laughing all the way to the bank while they 'help' various shareholders fight each other in court, slowly draining all funds from the former corporations.
Uh, and who is going to provide unlimited funds to pay for all that? Corporation will quickly and simply win by knockout (opponent running out of money). Again, I see nothing in OP stating Q gave courts all these magical powers.
Also, since police is now impoverished or swamped with million of new tasks, corporations can do simply what they already did in real life thousands of times - hire hitmen to clean the problem. See "Banana Republics".
Your idea of what corporations would do to people ignore all these facts. You are thinking about a scenario where only the unwanted regulations cease to exist. If ALL regulations cease to exist, it will destroy economy, instantly.
Oh, now you're catching on. Since no one is enforcing them, unwanted regulations die. Wanted regulations are kept alive by big companies who now enforce them as they're now biggest fish in pond. That's how anarchy always ends - someone big grabs society by the face and forces it to knell.