Business organisation in the Mediterranean Sea: Genoese galley entrepreneurs in the service of the Spanish Empire (late sixteenth and early seventeenth centuries)

This article analyzes the business organisation and activities of Genoese naval entrepreneurs who managed galleys for the Spanish Empire in the late sixteenth and early seventeenth centuries. While conventional narratives of business history begin with the Industrial Revolution and focus on the rise of the modern corporation, this article brings to the fore early modern entrepreneurs from Italy and shows how they led family-controlled firms running permanent navies in the Mediterranean. By using private ledgers and merchant correspondence, the paper aims to understand how these naval entrepreneurs governed their affairs and managed resources internationally. We find that delegation (through family ties, hierarchy, and networks) was the main solution chosen to deal with distant commodity, labour, and capital markets. We retrace the different forms this delegation took and explain its determinants considering alternative options and providing comparative insights.