Mercantilist Origins of the Corporation

Robert Ekelund and Robert Tollison

Bell Journal of Economics, 1980, vol. 11, issue 2, 715-720

Abstract: In this paper we present a new hypothesis about why the corporation was invented. The traditional argument stresses the importance of limited liability in the emergence of the corporate form. In contrast we stress the advantages that transferable shares hold for cartel owner-management in the early companies.

Date: 1980
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