In our introductory lecture, we examine the paradox of modern corporations: despite creating unprecedented material wealth and technological advancement that define our standard of living, corporations face widespread cultural resentment. We explore the fundamental nature of corporations and trace their historical evolution from royal concessions and state monopolies to modern business entities. Dr. Brook addresses key questions about corporate governance, the relationship between business and government, and whether corporations, as potential "creatures of the state," owe duties beyond profit maximization to serve broader public interests.

In lecture two, Dr. Brook challenges the concession theory, which views corporations as state creations and instead positions them as voluntary associations of individuals pursuing business opportunities through contracts. We examine the purpose of corporations, contending that maximizing shareholder wealth—not vague notions of "social responsibility" or stakeholder capitalism—provides the clearest decision-making framework and ultimately benefits all parties through win-win transactions. The discussion concludes by addressing the separation of ownership and control problem, explaining how market forces, board oversight, and proper incentive structures help align management interests with those of shareholders.

In lecture three, we study the evolution of American corporations from the late 19th century to today, examining how market forces and political power shape corporate behavior. Dr. Brook highlights the distinction between political power and economic power and how their interaction—through antitrust, regulation, and planning—has influenced development. The lecture traces how technological innovations like coal, railroads, and the telegraph enabled massive business scaling in the 19th century, while modern innovations have driven companies toward specialization and outsourcing, demonstrating that successful businesses must constantly adapt to changing transaction costs and market conditions.