Convergent evolution towards the joint-stock company

David Le Bris, William N. Goetzmann and Sébastien Pouget
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David Le Bris: Unknown
William N. Goetzmann: Unknown
Sébastien Pouget: TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, TSM - Toulouse School of Management Research - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - TSM - Toulouse School of Management - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse

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Abstract: The origin of the modern joint-stock company is typically traced to the concomitant appearance of large-scale maritime trading companies in England and the Netherlands in the early seventeenth century. Highlighting medieval cases in southern Europe, we claim that the joint-stock company emerged earlier in history. These prior appearances support the theory of convergent evolution towards the joint-stock company. We document alternative and largely independent developmental paths that suggest the joint-stock company can emerge in a variety of legal, political and socioeconomic contexts. This evidence has implications for identifying the necessary background underlying the emergence of the joint-stock company, and for the debate regarding the link between business institutions and economic growth.

Date: 2025-04
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Published in Business History, 2025, pp.1-26. ⟨10.1080/00076791.2025.2478880⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05495554

DOI: 10.1080/00076791.2025.2478880

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