Progressive Era Conceptions of the Corporation and the Failure of the Federal Chartering Movement
Bibliographic record
Abstract
Despite the economic integration of the several states and the broad regulatory authority of the federal government, the internal affairs of business corporations remain primarily governed by state law. The origins of this system are closely tied to the decentralized history of the United States, but the reasons for its continued persistence—in the face of significant federalization pressures—are not obvious. Indeed, federalization of corporate law was a major political goal during the Progressive Era, a period which witnessed significant expansion of federal involvement in the national economy. By examining the historical record of Progressive Era policy debates, this Article bridges the analytical gap between historical and corporate legal scholarship, bringing to light the specific reasons why a federal corporation law was never enacted. Drawing on primary source evidence, the conclusions of this Article are as follows. First, proponents of federal chartering were deeply divided in their attitudes toward corporations, some viewing them as a dangerous threat, others viewing them as central to economic progress. These divisions led to conflicting views on the very purpose of corporate regulation, making agreement on the content of a federal corporation act unlikely. Second, notwithstanding these divisions, many reformers viewed corporations as directly accountable to the public interest. Legislative proposals were therefore framed in terms of benefiting the public, and only secondarily addressed the shareholder interests that dominate corporate law today. Finally, it was the conflicted nature of the political support for federal chartering legislation—not any specific policy preference for maintaining corporate law federalism—that led to the persistence of state-based corporate law. Ultimately, the absence of federal corporate law was a product of historical circumstance, rather than any conscious determination of legal or economic policy.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.009 | 0.010 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.002 |
| Science and technology studies | 0.009 | 0.050 |
| Scholarly communication | 0.011 | 0.011 |
| Open science | 0.001 | 0.003 |
| Research integrity | 0.005 | 0.008 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".