The corporate form, in my understanding, is about 1000 years old in the West. It developed the “limited liability” concept early on as well as investor-operator partnerships. The joint-stock company shows up in the 1600s and adds pooled ownership. The private corporation in the 1800s. The modern fully-financialized firm, maximizing only shareholder... See more

As scale economies fall, and capital requirements for many types of information-intensive activities fall simultaneously, there will be a strong incentive for firms to dissolve. Business operations will be more ad hoc and temporary. Firms will tend to be more short-lived. Virtual corporations that assemble talents for specific purposes will be more

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