The importance of corporate models: economic and jurisprudential values and the future of corporate law

Corporate law scholar, D. Millon, in his article "The Ambiguous Significance of Corporate Personhood" argues that much of the current debate among scholars concerning the correct or most appropriate model of the corporation is misguided. As well, he argues that the debate is not useful, as current jurisprudence seems to have settled on a particular efficiency based model. So, by creating the definition, the economist has created a norm by which an analysis will be judged. To narrowly limit discussion and consideration of corporate law to matters of economy and more specifically wealth maximization, therefore, is either an error or a political choice, and if it is a political choice, it is only correct that it be identified and debated as such. As applied in corporate law, it supports the shareholder primacy model. That judgment would appear to be that the overall economic benefits supposed to come from this prescriptive corporate law shareholder primacy model have simply not appeared. The Japanese model has rejected Anglo-American "shareholder primacy" model