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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
Stable URL: http://www.jstor.org/stable/3003390
Page Count: 6
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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.
The Bell Journal of Economics © 1980 RAND Corporation