Holding companies in American history
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I'm studying American History and would like some input on whether there was anything wrong with one corporation holding stock in another? Why or why not?
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This posting offers input on whether there was anything wrong with one corporation holding stock in another.
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When American colonists declared independence from England in 1776, they also freed themselves from control by English corporations that had extracted their wealth and dominated trade. After fighting a revolution to end this exploitation, the country's founders retained a healthy fear of corporate power and hence limited corporations exclusively to a business role. Corporations were forbidden from attempting to influence elections, public policy, and other realms of civic society.
Initially, the privilege of incorporation was granted selectively to enable activities that benefited the public, such as construction of roads or canals. Enabling ...
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