I suspect that worshiping "The Rule of Law" as an unadulterated good is responsible for a lot of the corporate overreach we observe in the past few decades. When we construct a social fiction that state is just one among many actors, and must be bound by rigid rules and justify its actions, that Bermuda is basically an equal partner to the US, it just naturally leads other entities to malignant behavior

Of course the corporations will reverse engineer the legal code to get away with as much as they can. Of course they will evade taxes. Of course there will be a slow creep, where previously borderline illegal behavior is now the best practice adopted by everyone, and therefore unenforceable

If there's a sovereign on top of the hierarchy that doesn't have to answer to anyone, the corporations are way more docile, as seen in China or FDR-era USA, and proactively align their goals with the goals of the society

While I appreciate the point you're making, and don't completely disagree, I think you make a faulty assumption about our collective ability to find a suitable sovereign and that person's ability to resist the very same forces that lead to the inevitablity of corporate overreach. Having a single person with that much power was the core reason historic Americans revolted from the crown, and I don't think they were wrong

Again, I appreciate your statement of the problem. But I'm scared of your hypothetical solution.