IN CONTEXT
Markets and firms
Adolf Berle (1895–1971)
Gardiner Means (1896–1988)
1602 The Dutch East India Company is the first joint-stock company to issue shares and begins trading on the Amsterdam Stock Exchange.
1929 The Dow Jones loses 50 percent of its value in one day, Black Thursday, kick-starting the Great Depression.
1983 US economists Eugene Fama and Michael Jensen publish The Separation of Ownership and Control, viewing the company as a series of contracts.
2002 The Sarbanes-Oxley Act becomes law in the US, laying down stricter standards for US boardrooms.
Most people assume that the basic principle of a free market ...
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