The firm in early Modern China

Madeleine Zelin

Journal of Economic Behavior & Organization, 2009, vol. 71, issue 3, pages 623-637

Abstract: The Chinese shareholding entity had a long history supported by cultural and legal practices pre-dating the introduction of European business forms in China. In the absence of codified or systematic precedent-based private law, a culture in which contract was deeply embedded in daily practice and the state enforced private agreements sustained a growing commercial sector. Kinship practices were adapted to the needs of a merchant community seeking ways to pool capital and sustain firm longevity. These institutional developments help to explain Chinese adaptability to Western practices and the paradoxical persistence of Chinese practices after the promulgation of a Western-style company law.

Keywords: China; Shareholding; Firm; The; corporation (search for similar items in EconPapers)
Date: 2009

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Persistent link: http://EconPapers.repec.org/RePEc:eee:jeborg:v:71:y:2009:i:3:p:623-637

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