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Joint stocking.
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You know, what is a joint stock company?
Not until 1657 was a permanent joint stock established.
It is entirely legal to create joint stock companies where owners could hide their identities.
The question is as old as the joint stock company as a legal form.
Like democracy, the joint stock company is an unsatisfactory concept, but better than all the others.
Banks and joint stock companies appeared, canals were built, and roads improved.
It was the high priest of free markets, Adam Smith, who warned that joint stock companies encourage negligence.
"Why did you get the joint stock corporation and the modern corporation in Europe?" Professor Kuran asked.
In the past five years Vietnam has developed 54 small "joint stock banks", some of which are controlled by state-owned companies.
In 1856 Prince Charles III of Monaco granted a charter allowing a joint stock company to build a casino.
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