Our founding fathers heavily regulated business and corporations...NOW what pea brain?
The founding fathers believed that corporations had a government guaranteed right to kill anyone that competed with them. I am pretty sure you don't want that, but feel free to prove me wrong.
You are WRONG...
PROOF...
Debate and argument over the Constitution, the Bill of Rights and the Federalist papers has been going on for over 200 years by and between citizens, scholars, theologians and polemics. It is nothing new, and our founder's true intent on many issues has not become any closer to being resolved.
So when we have an example of how those same men applied all those principles, beliefs and ideas to actual governing, it serves as the best example of how they put all those principles, beliefs and ideas to use. Their actions carry the most weight.
Our founding fathers did not subscribe to Adam Smith's 'invisible hand'. They believed in very heavy regulations and restrictions on corporations. They were men who held ethics as the most important attribute. They viewed being paid by the American people for their services as a privilege not a right. And they had no problem closing down any corporation that swindled the people, and holding owners and stockholder personally liable for any harm to the people they caused.
Early laws regulating corporations in America
*Corporations were required to have a clear purpose, to be fulfilled but not exceeded.
*Corporations licenses to do business were revocable by the state legislature if they exceeded or did not fulfill their chartered purpose(s).
*The state legislature could revoke a corporations charter if it misbehaved.
*The act of incorporation did not relieve corporate management or stockholders/owners of responsibility or liability for corporate acts.
*As a matter of course, corporation officers, directors, or agents couldnt break the law and avoid punishment by claiming they were just doing their job when committing crimes but instead could be held criminally liable for violating the law.
*Directors of the corporation were required to come from among stockholders.
*Corporations had to have their headquarters and meetings in the state where their principal place of business was located.
*Corporation charters were granted for a specific period of time, such as twenty or thirty years (instead of being granted in perpetuity, as is now the practice).
*Corporations were prohibited from owning stock in other corporations, to prevent them from extending their power inappropriately.
*Corporations real estate holdings were limited to what was necessary to carry out their specific purpose(s).
*Corporations were prohibited from making any political contributions, direct or indirect.
*Corporations were prohibited from making charitable or civic donations outside of their specific purposes.
*State legislatures could set the rates that some monopoly corporations could charge for their products or services.
*All corporation records and documents were open to the legislature or the state attorney general.
The Early Role of Corporations in America
The Legacy of the Founding Parents