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Family Partnerships and Joint Ventures in the Venetian Republic1

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  • Lane, Frederic C.

Abstract

Corporations have been the big basic units of recent American business; in the Venetian Republic the basic units of business life were family partnerships. To be sure, since a Venetian family partnership was not an organization formed for business purposes only, it did not correspond exactly to a corporation. There were in the Venetian economy during the Later Middle Ages some enterprises which required the use of so much capital that normally several families banded together to spread the risks and for such occasions they formed joint ventures. From some points of view these joint ventures, rather than the family partnerships, corresponded in Venetian economy to the corporation in modern economy; for they were organized for strictly business purposes, they involved large capitals, and their ownership was divided into shares. But the joint ventures lacked the permanence of the modern corporation and they had quite limited objectives. They lasted only for the duration of a voyage or until a cargo had been sold. Moreover, they did not have so large capital funds as did the family partnerships which created them. Venetian business enterprise, having been fathered by the state and mothered by the family, remained subordinated to these older and stronger institutions. This fact is not surprising, for when viewed in historical perspective the modern corporation appears a parvenu of uncertain future. In most societies, at most times, it has been the great family which by its wealth, power, prestige, and presumption of permanence has been the outstanding institution in private economic enterprise.

Suggested Citation

  • Lane, Frederic C., 1944. "Family Partnerships and Joint Ventures in the Venetian Republic1," The Journal of Economic History, Cambridge University Press, vol. 4(2), pages 178-196, November.
  • Handle: RePEc:cup:jechis:v:4:y:1944:i:02:p:178-196_08
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    Cited by:

    1. Mirakhor, Abbas, 2007. "Islamic Finance and Globalization: A Convergence?," MPRA Paper 56026, University Library of Munich, Germany.
    2. Edwards, John Richard & Dean, Graeme & Clarke, Frank, 2009. "Merchants' accounts, performance assessment and decision making in mercantilist Britain," Accounting, Organizations and Society, Elsevier, vol. 34(5), pages 551-570, July.
    3. repec:fan:istois:v:html10.3280/isto2022-045004 is not listed on IDEAS
    4. Nazamul Hoque & Mohammad Hasmat Ali & Sirajul Arefeen & Md. Masrurul Mowla & Abdullahil Mamun, 2018. "Use of Crowdfunding for Developing Social Enterprises: An Islamic Approach," International Journal of Business and Management, Canadian Center of Science and Education, vol. 13(6), pages 156-156, April.

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