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Path dependence, change and the emergence of the first joint-stock companies

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  • Nicholas Kyriazis
  • Theodore Metaxas

Abstract

This paper presents a model of path dependence and change and focuses on the gaining of new institutional knowledge. The main thesis is that in 'extraordinary' historical situations the possibility of change increases as a result of external pressure and successful adaptation to it. The model is tested applying it to the case study of seventeenth-century United Provinces (Dutch Republic). Such a situation existed in the sixteenth-seventeenth-century United Provinces, due to their uprising against Spanish rule. Because there existed no strong central authority, the decision-makers had to develop new institutions in order to successfully capture the lucrative spice trade from their enemies. The solution was the joint-stock company, which, through the phases of a continuous decision-making procedure, developed into the 'permanent' Dutch East India Company (VOC) in parallel also to the development of the Amsterdam Stock Exchange.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Business History.

Volume (Year): 53 (2011)
Issue (Month): 3 ()
Pages: 363-374

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Handle: RePEc:taf:bushst:v:53:y:2011:i:3:p:363-374

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Related research

Keywords: path dependence and change; institutions; joint-stock companies; sixteenth-seventeenth century; United Provinces (Dutch Republic); VOC;

References

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  1. Charles Hickson & John Turner, 2005. "The Genesis of Corporate Governance: Nineteenth-Century Irish Joint-Stock Banks," Business History, Taylor & Francis Journals, vol. 47(2), pages 174-189.
  2. George Halkos & Nickolas Kyriazis, 2005. "A Naval Revolution and Institutional Change: The Case of the United Provinces," European Journal of Law and Economics, Springer, vol. 19(1), pages 41-68, January.
  3. Nicholas Kyriazis, 2009. "Financing the Athenian state: public choice in the age of Demosthenes," European Journal of Law and Economics, Springer, vol. 27(2), pages 109-127, April.
  4. Nicholas Kyriazis & Michel Zouboulakis, 2004. "Democracy, Sea Power and Institutional Change: An Economic Analysis of the Athenian Naval Law," European Journal of Law and Economics, Springer, vol. 17(1), pages 117-132, January.
  5. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May.
  6. George Halkos & Nickolas Kyriazis, 2010. "The Athenian economy in the age of Demosthenes: path dependence and change," European Journal of Law and Economics, Springer, vol. 29(3), pages 255-277, June.
  7. Gelderblom, Oscar & Jonker, Joost, 2004. "Completing a Financial Revolution: The Finance of the Dutch East India Trade and the Rise of the Amsterdam Capital Market, 1595 1612," The Journal of Economic History, Cambridge University Press, vol. 64(03), pages 641-672, September.
  8. David McKeagan, 2009. "Development of a mature securities market in Montreal from 1817 to 1874," Business History, Taylor & Francis Journals, vol. 51(1), pages 59-76.
  9. Mark Freeman & Robin Pearson & James Taylor, 2007. "Technological change and the governance of joint-stock enterprise in the early nineteenth century: The case of coastal shipping," Business History, Taylor & Francis Journals, vol. 49(5), pages 573-594.
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Cited by:
  1. Kyriazis, Nicholas & Metaxas, Theodore, 2012. "War for Profit: Macroculture, Corsairs and partnership companies," MPRA Paper 40926, University Library of Munich, Germany.

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