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The emergence of the joint-stock companies in the Dutch Republic and their democratic elements in business

Author

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  • Economou, Emmanouel/Marios/Lazaros
  • Kyriazis, Nicholas

Abstract

In the present essay we analyse the emergence of joint-stock companies during the 16th and 17th centuries in business (the Dutch partenrederij), and the VOC East India Companies). We suggest that in the Dutch Republic (DR) characterised by relative weak central authority, market solutions were found to solve organisation problems and these solutions, the first joint-stock companies, are efficient but also democratic in their structure. The DR demonstrate that democratic elements emerge in parallel in the economy (sometimes even preceding) and in the political field, which can be mutually reinforcing.

Suggested Citation

  • Economou, Emmanouel/Marios/Lazaros & Kyriazis, Nicholas, 2019. "The emergence of the joint-stock companies in the Dutch Republic and their democratic elements in business," MPRA Paper 91447, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:91447
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    References listed on IDEAS

    as
    1. 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.
    2. Nicholas Kyriazis & Theodore Metaxas & Emmanouil M. L. Economou, 2018. "War for profit: English corsairs, institutions and decentralised strategy," Defence and Peace Economics, Taylor & Francis Journals, vol. 29(3), pages 335-351, April.
    3. Emmanouil M. L. Economou & Nicholas C. Kyriazis, 2015. "The First Globalized Economy: Privateers, Joint-Stock Companies, Commerce and the Rise of the United Provinces," International Journal of Social Science Research, Macrothink Institute, vol. 3(2), pages 86-106, September.
    4. Carlos, Ann M, 1992. "Principal-Agent Problems in Early Trading Companies: A Tale of Two Firms," American Economic Review, American Economic Association, vol. 82(2), pages 140-145, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Joint-stock companies; Dutch Republic; Democratic elements in business;
    All these keywords.

    JEL classification:

    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

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