Family Structure, Institutions, and Growth: The Origins and
Implications of Western Corporations
By AVNER GREIF*
What constituted this change was the emergence
of the economic and political corporations
in late medieval Europe. Corporations are defined
as consistent with their historical meaning: intentionally
created, voluntary, interest-based, and
self-governed permanent associations. Guilds, fraternities,
universities, communes, and city-states
are some of the corporations that have historically
dominated Europe; businesses and professional
associations, business corporations, universities,
consumer groups, counties, republics, and democracies
are examples of corporations in modern
societies.
The provision of corporation-based institutions
to mitigate problems of cooperation and
conflict constituted a break from the ways in
which institutions had been provided in the past.
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