“The aggregate capital appears as the capital stock of all individual capitalists combined. This joint stock company has in common with many other stock companies that everyone knows what he puts in, but not what he will get out of it.”

Vol. II, Ch. XX, p. 437.
(Buch II) (1893)

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German philosopher, economist, sociologist, journalist and … 1818–1883

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“The national debt has given rise to joint stock companies, to dealings in negotiable effects of all kinds, and to agiotage, in a word to stock-exchange gambling and the modern bankocracy.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Vol. I, Ch. 31, pg. 827.
(Buch I) (1867)

“The practice of creating chartered joint-stock companies of a modern type seems to have begun at the commencement of the seventeenth century; and the formation of the East India Company is one of the earliest, if not the very earliest, examples. At first, it appears, the 'joint stock' of the company was separately made up for each ship; perhaps for each voyage. But, in the year 1612 the Company made the momentous resolve to have one joint stock for the whole of its affairs, and thus inaugurated a new epoch. The East India Company, or Companies, (for there were two of them), were followed by the Hudson's Bay Company (1670), the existence of which was recognized by statute in 1707, and by the Bank of England and the notorious South Sea Company.”

Edward Jenks (1861–1939) British legal scholar

Source: A Short History Of The English Law (First Edition) (1912), Chapter XVI, New Forms Of Personal Property, p. 287

“Never invest in a company with the target price for the stock in the name of the company.”

Andy Kessler (1958) American writer

Part V, The Next Barrier, Fleece Bank Internet Conference 1999, p. 177.
Running Money (2004) First Edition
Context: I've been doing this for years. Never invest in a company with the target price for the stock in the name of the company.

“The stock of the greatest company in the world is crap if every investor already thinks it is the greatest company in the world.”

Andy Kessler (1958) American writer

Part VI, Burst, Morgan Stanley Tech Conference 2001, p. 229.
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“Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.”

Benjamin Graham (1894–1976) American investor

Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter III, The Investor and His Advisers, p. 48

“A Southern farm is a sort of joint stock concern, or social phalastery, in which the master furnishes the capital and skill, and the slaves the labor, and divide the profits, not according to each one’s in-put, but according to each one’s wants and necessities.”

George Fitzhugh (1806–1881) American activist

Source: Sociology For The South: Or The Failure Of A Free Society (1854), p. 48

“With joint-stock corporations, investors can place bets on the success of many different companies, without having to play a central management role in any one of them. This allows investors to diversify their financial holdings. It also allows them to capture profits on their investments, without having to get involved in the dirty, troublesome business of actually running a company.”

Jim Stanford (1961) Canadian economist

Part 2, Chapter 7, Companies, Owners, and Profit, p. 91
Economics For Everyone (2008)

“That a joint stock company should be able to carry on successfully any branch of foreign trade, when private adventurers can come into any sort of open and fair competition with them, seems contrary to all experience.”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: (1776), Book V, Chapter I, Part III, Article I, p. 810.

“The essential measure of the success of the economy is not production and consumption at all, but the nature, extent, quality, and complexity of the total capital stock, including in this the state of the human bodies and minds included in the system. In the spaceman economy, what we are primarily concerned with is stock maintenance, and any technological change which results in the maintenance of a given total stock with a lessened throughput (that is, less production and consumption) is clearly a gain. This idea that both production and consumption are bad things rather than good things is very strange to economists, who have been obsessed with tile income-flow concepts to the exclusion, almost, of capital-stock concepts.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1960s, The Economics of the Coming Spaceship Earth, 1966, p. 9-10 as cited in: Mark W. W. McElroy, J.M.L. M. L. van van Engelen (2012) Corporate Sustainability Management.

“It should first be stated that a joint-stock company is not a 'brotherhood of shareholders' but is managed by a controlling group of big shareholders while the rest of the shareholders do not differ from holders of bonds with a flexible rate of interest.”

Michał Kalecki (1899–1970) Polish economist

Source: Theory of Economic Dynamics (1965), Chapter 8, Entrepreneurial Capital and Investment, p. 93

“The aggregate capital appears as the capital stock of all individual capitalists combined. This joint stock company has in common with many other stock companies that everyone knows what he puts in, but not what he will get out of it.”

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