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Convergent Evolution Toward the Joint-Stock Company

Author

Listed:
  • David Le Bris
  • William N. Goetzmann
  • Sébastien Pouget

Abstract

The origin of the modern publicly-held joint-stock company is typically traced to large-scale maritime trading companies in England and the Netherlands in the early 17th century. Highlighting medieval cases in southern Europe, we claim that the joint-stock company likely emerged in several times and places, in response to a similar set of needs and requirements for coordinating large-scale enterprises. These prior appearances support the theory of convergent evolution toward the joint-stock company. We document the different legal genealogies of the various paths, their independence and their socio-economic contexts. These observations have implications for identifying the necessary legal and political background underlying the emergence of the joint-stock company, and for the debate regarding the link between institutions and economic development.

Suggested Citation

  • David Le Bris & William N. Goetzmann & Sébastien Pouget, 2023. "Convergent Evolution Toward the Joint-Stock Company," NBER Working Papers 31821, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:31821
    Note: AP
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    More about this item

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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