You are not currently logged in.
Access JSTOR through your library or other institution:
If You Use a Screen ReaderThis content is available through Read Online (Free) program, which relies on page scans. Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
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
Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Preview not available
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