Much of America's business is conducted through corporations, and corporate wealth is duly subject to government regulation. It follows that constitutional protection of corporations' business activities and ability to participate in political debate is crucial to American productivity. A problem arises, however, because the courts typically place a low value on the business activities of corporations.

The authors relate current arguments to traditional ideas of republicanism and democracy and compare them with those of our Revolution, Civil War, and civil rights and suffrage movements. They articulate a contractual theory of the corporation that is based on the modern economics of the firm and then pragmatically apply this theory to the interpretation of constitutional doctrine.

Henry N. Butler is a professor law and economics at the University of Kansas. Larry Ribstein is a professor of law at the George Mason University School of Law.