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The emergence of the joint-stock companies in the Dutch Republic and their democratic elements in business

Emmanouil-Marios-Lazaros Economou (emmoikon@uth.gr) and Nicholas Kyriazis

MPRA Paper from University Library of Munich, Germany

Abstract: In the present essay we analyse the emergence of joint-stock companies during the 16th and 17th centuries in business (the Dutch partenrederij), and the VOC East India Companies). We suggest that in the Dutch Republic (DR) characterised by relative weak central authority, market solutions were found to solve organisation problems and these solutions, the first joint-stock companies, are efficient but also democratic in their structure. The DR demonstrate that democratic elements emerge in parallel in the economy (sometimes even preceding) and in the political field, which can be mutually reinforcing.

Keywords: Joint-stock companies; Dutch Republic; Democratic elements in business (search for similar items in EconPapers)
JEL-codes: L22 L24 M10 N13 (search for similar items in EconPapers)
Date: 2019-01-10
New Economics Papers: this item is included in nep-his
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