The Corporate Economies of America and Europe 1790-1860
AbstractAlthough early corporate data are sparse, the statistics of individual incorporations by special act in 1790-1860 assembled by Sylla and Wright leave no doubt that new creations of corporations proper in the US rapidly outstripped those in France, Prussia and the UK. However, other limited liability entities - notably commandites (with and without shares) - were earlier and numerous in continental Europe and the numbers of extant companies, and particularly their aggregate paid-up share capitals, were closer together in 1860. It was the UK, not the US, which continued to lead corporatization as measured by the ratio of corporate share capital to GDP and it was not until the twentieth century that the US caught up, while both France and Germany lagged. UK corporate business by the midnineteenth century had more capital because of its access to large integrated markets, a rich menu of corporate forms and low interest rates. Thus, while the distinctive feature of US corporations was that they were small and numerous, UK corporations were larger, more capital-intensive, less prone to disappear and had more dispersed ownership.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-877.
Length: 60 pages
Date of creation: Feb 2013
Date of revision:
Contact details of provider:
Postal: Hongo 7-3-1, Bunkyo-ku, Tokyo 113-0033
Web page: http://www.cirje.e.u-tokyo.ac.jp/index.html
More information through EDIRC
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bogart, Dan, 2005. "Did Turnpike Trusts Increase Transportation Investment in Eighteenth-Century England?," The Journal of Economic History, Cambridge University Press, vol. 65(02), pages 439-468, June.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CIRJE administrative office).
If references are entirely missing, you can add them using this form.