Kennedy on Smith on the Corporation

Gavin Kennedy blogs on Adams Smith's view of joint stock companies. Kennedy puts things in context by pointing out that Smith’s criticism of joint stock companies concentrates on the chartered trading companies, under Royal Warrant or Act of Parliament, such as the East India Company, with side-swipes at other chartered trading companies governing British trade with other parts of the world. Kennedy also points out that Smith accepted the benefits of joint stock companies for other purposes.