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Mercantilist Origins of the Corporation

Robert B. Ekelund, Jr. and Robert D. Tollison
The Bell Journal of Economics
Vol. 11, No. 2 (Autumn, 1980), pp. 715-720
Published by: RAND Corporation
DOI: 10.2307/3003390
Stable URL: http://www.jstor.org/stable/3003390
Page Count: 6
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Mercantilist Origins of the Corporation
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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-managers in the early companies.

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