Season 2, Episode 3: Casey Michel: American Kleptocracy
Book Club with Jeffrey Sachs
00:00
The Great Breakthrough of the Modern Market Economy
The idea of a corporation was a very clever break through. The modern joint stock company goes back about four centuries. But for hundreds of years, to do it, it was under a royal charter. And then in the nineteenth century, when we tell the story of the great breakthrough of the modern market economy, what used to have to be signed by the king or queen england,. was democratized so that you could make companies. It's unbelievable how this is a creation of irresponsibility. You see these incentive structures developing. I see it, of course, in developing countries where company, some jumble of initials, that is incorporated, often in a caribbean island, is
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