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Convergent evolution towards the joint-stock company

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

Abstract

The origin of the modern joint-stock company is typically traced to the concomitant appearance of large-scale maritime trading companies in England and the Netherlands in the early seventeenth century. Highlighting medieval cases in southern Europe, we claim that the joint-stock company emerged earlier in history. These prior appearances support the theory of convergent evolution towards the joint-stock company. We document alternative and largely independent developmental paths that suggest the joint-stock company can emerge in a variety of legal, political and socioeconomic contexts. This evidence has implications for identifying the necessary background underlying the emergence of the joint-stock company, and for the debate regarding the link between business institutions and economic growth.

Suggested Citation

  • David Le Bris & William N. Goetzmann & Sébastien Pouget, 2026. "Convergent evolution towards the joint-stock company," Business History, Taylor & Francis Journals, vol. 68(2), pages 347-372, February.
    • Handle: RePEc:taf:bushst:v:68:y:2026:i:2:p:347-372
    DOI: 10.1080/00076791.2025.2478880
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