Law and Business

Abstract This article puts business center stage as a means to understand law. Law consists of systems of rules, standards, and procedures that social institutions create and apply. These social institutions may be public or private. The rules, standards, and procedures that they create provide a framework in which business strategizes and operates. Business, in turn, uses law as a resource to advance and defend business aims. This article assesses the reciprocal interaction of business and law. Law helps constitute business by recognizing business organizational forms, and business helps constitute law.