In an earlier article, Ekelund and Tollison offered a "supply-side" hypothesis for the origins of the corporation. Their emphasis was on the advantages that readily transferable property rights held for the owner-managers of the early corporations. The purpose of this comment is to suggest that other economic groups gained from the institution of share transferability and that their influence in the development of the capital markets should not be overlooked. We also point to some noneconomic motives on the part of some investors, motives which nonetheless helped to develop the capital markets and the corporate form.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.