Reply to post: Re: East India Company Marx

Twilight of the idols: The only philosophy HPE and IBM do these days is with an axe

Orv

Re: East India Company Marx

I'm not sure you can compare corporations from the East India Company era to the way corporations work now. Back then they required a royal charter, and were in many ways privately-operated arms of the government -- in return for which they got limited liability. Nowadays they're all essentially free agents, and the limited liability is just taken as read, not a reward for doing the government's bidding.

Adam Smith, interestingly, believed that corporations would not be as effective as private ownership because people would not be as careful with others' money as they were with their own. I think this article demonstrates this argument was correct, but also irrelevant.

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