Article on Understanding Banking, Business and Democracy Through the Trust

Jongchul Kim (Columbia Law School) recently published an article entitled, The Trust Is Central to an Understanding of Modern Banking, Business Corporations, and Representative Democracy: A Reply to Hayden & Heiden’s Comments, Journal of Economic Issues, March 2015.  Provided below is the abstract from SSRN:

Elsewhere (Kim 2013) I have argued that the trust is central to an adequate understanding of the capitalist institutions of modern banking, the business corporation, and representative democracy. This paper has generated a comment by Greg Hayden and Andrew E. Heiden. Hayden and Heiden argue that, because the trust is a legal instrument, it cannot be used to understand more complex social institutions. In this paper I reply to their argument and refute them.