Chapter

Company Law and the Emergence of the Modern Firm

David Faure

in China and Capitalism

Published by Hong Kong University Press

Published in print January 2006 | ISBN: 9789622097834
Published online September 2011 | e-ISBN: 9789882206694 | DOI: http://dx.doi.org/10.5790/hongkong/9789622097834.003.0004
Company Law and the Emergence of the Modern Firm

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This chapter outlines the emergence of the modern firm in relation to the introduction of Company Law in China from the late nineteenth century. The Company Law of 1904 redefined the role of the state in relation to business by replacing the idea of privileges granted by imperial charter with state recognition for private mercantile initiative in return for tax. From then on, private trade was the citizen's right, and the modern firm came about in China as a result of the privatization of regional government enterprises combined with the evolution of regional family businesses into full corporations.

Keywords: modern firm; Company Law; private trade; privatization; enterprises; corporations

Chapter.  7531 words. 

Subjects: Business and Management

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