Convergent Evolution Toward the Joint-Stock Company

David Le Bris, William Goetzmann and Sébastien Pouget

No 31821, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The origin of the modern publicly-held joint-stock company is typically traced to large-scale maritime trading companies in England and the Netherlands in the early 17th century. Highlighting medieval cases in southern Europe, we claim that the joint-stock company likely emerged in several times and places, in response to a similar set of needs and requirements for coordinating large-scale enterprises. These prior appearances support the theory of convergent evolution toward the joint-stock company. We document the different legal genealogies of the various paths, their independence and their socio-economic contexts. These observations have implications for identifying the necessary legal and political background underlying the emergence of the joint-stock company, and for the debate regarding the link between institutions and economic development.

JEL-codes: G30 K22 N20 N43 O43 (search for similar items in EconPapers)
Date: 2023-11
New Economics Papers: this item is included in nep-evo and nep-his
Note: AP
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