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Joint Stock Quotes

Browse 7 quotes about Joint Stock.

Joint Stock Quotes

“Liberalism’s fatal hypocrisy […] was to rejoice in the virtuous Jills and Jacks, the neighborhood butchers, bakers and brewers, so as to defend the vile East India Companies, the Facebooks, the Amazons, which know no neighbors, have no partners, respect no moral sentiments [the other book by Adam Smith] and stop at nothing to destroy their competitors.”

CapitalismCorporationsLiberalismShareholdersAdam SmithJoint StockCapitalist Property Rights
Book:Another Now: Dispatches from an Alternative Present
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“Up until the end of the 16th century, even global trading outfits like the Levant Company were guilds or partnerships, whose members pooled their resources that none could accomplish in isolation. But then, on the September 24, 1599, in a half-timbered building off Moorgate Fields, not far from where Shakespeare was struggling to complete Hamlet, something momentous happened. A company was founded whose ownership was cut up into tiny pieces to be bought and sold freely and anonymously, like pieces of silver. Once could own a piece of the company without being involved of it, indeed without even telling anyone. The first global joint-stock company was thus born, undoubtly Tudor England’s most revolutionary invention. Its name? The East India Company.”

CapitalismCorporationsLiberalismEast India CompanyJoint StockShareholdingCapitalist Property Rights
Book:Another Now: Dispatches from an Alternative Present
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“The right to issue unlimited quantities of anonymously tradable shares, along with the institution of a liquid market for them, created something new: corporations with power so immense, it dwarfed that of their countries of origin, and could be deployed in faraway places assiduously to exploit people and resources. Shareholding and well-governed share markets fired up history, separating ownership from the rest of the East India Company’s activities unleashed a fluid, irresistible force. Unchecked, the East India Company grew more powerful than the British state, answerable only to its shareholders. At home, its bureaucracy corrupted and largely controlled Her majesty’s government. Abroad, its 200,000-strong private army oversaw the destruction of well-functioning economies in Asia and a number of Pacific islands and ensured the systematic exploitation of their peoples.”

CapitalismCorporationsLiberalismEast India CompanyJoint StockShareholdingCapitalist Property Rights
Book:Another Now: Dispatches from an Alternative Present
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“The East India Company was no apparition though; it was the template for many subsequent corporations […] Liberals betray themselves […] the moment they turn a blind eye to this kind of hyper-concentrated power. […] This is why trading in apples does not come even close to trading in shares. Large quantities may produce, at worse, lots of bad cider, but large amounts of money invested in liquid shares can release demonic forces that no market or state can control.”

CapitalismCorporationsLiberalismFree MarketEast India CompanyJoint StockShareholdingCapitalist Property Rights
Book:Another Now: Dispatches from an Alternative Present
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“A contemporary commentator drew an analogy between the East India Company’s ownership structure and the River Thames’ splendid flux, which leaves it ‘still the same river, though the parts which compose it are changing every instance.’ Once the property rights over a firm become detached from the people that set it up and work in it, it becomes a corpus in flux. It acquires a liquid life of its own, it can grow out of any human proportion. Indeed, like a river, it becomes potentially immortal.”

CapitalismLiberalismEast India CompanyJoint StockShareholdingCapitalist Property Rights
Book:Another Now: Dispatches from an Alternative Present
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“That a system evolved in a given environment only proves it’s best at replicating itself in that environment. […] That doesn’t make it a system that we should want to live in, nor, more importantly, is it any indication of its ability to survive over the longer term. Environments change, sometimes rapidly, sometimes because of the system’s own ill-effects. Out-competing other systems rather than living harmoniously with them can eventually be self-destructive. Viruses are a good case and point. [...] The question is not whether share-trading and capitalism have out-competed other systems up until now, but whether their effects are consistent with their hosts’ survival.”

CapitalismCompetitionVirusJoint StockShareholding
Book:Another Now: Dispatches from an Alternative Present
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“My Uncle the Baillie was still a leading figure in the public business of Greyness; and he had in addition somehow got on to the directorate of nearly every one of the larger joint stock concerns in the place. He was chairman in one or two cases, and in every case he attended his directorial meetings with wonderful regularity. In the chair at an annual meeting he had in large measure the notable and very useful faculty of being able, when the report was unsatisfactory, to cheer the shareholders by dwelling on the fact that, if the revenues had been bad there were a number of occult circumstances discovered by the directors tending to establish the belief that that it might have been much worse. And he would group their own past figures and the figures of other similar concerns in various attitudes, either to show that the latter were in a worse plight than they; or that there was yet a deal of latent elasticity in their business. It is not needful to say that a chairman of this sort is invaluable to the undertaking that can command his services. It was indeed averred by some that my Uncle loved and cultivated his numerous directoral meetings as an easy and safe mode of earning the guinea and half-guinea fees allowed, and that for that end he would without fail put in an appearance even when he was well aware that there was no business to transact.”

Joint StockDirectorships
Book:My Uncle the Baillie
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