>Has Doug got a comment on this? In their original form companies are
>cooperatives and semi socialist or communist. British capitalism and
>imperialism have done very well for 200 years with the London Stock
>Exchange legally existing as a gentleman's club. This is about to be swept
>away by the latest technological revolution.
>
>It comes hard on reports that the New York Stock Exchange is going the same
>way.
The solemn answer would be that mutual arrangements are too unwieldy, and that the corporate form - professional managers responding to outside shareholders - becomes essential after a certain size. The cynical answer is that the partners of these exchanges see this as a wonderful opportunity to cash in on public euphoria. Maybe both are true.
Doug