Also known as “limited liability company”. Enterprise that raises capital and operates joint ventures by issuing shares. Joint-stock companies arose from the socialization of capitalist production and the development of the credit system. Along with the increase in the degree of socialization of production and the continuous expansion of the scale of enterprises, it became difficult to set up large-scale enterprises by relying only on individual capital, thus requiring the establishment of a mode of raising capital through the issuance of shares. The emergence of joint-stock companies indicated a shift from the mode of individual capital operation to the mode of joint capital operation, which was a partial adjustment of capitalist relations of production without changing the nature of private property nature of enterprises. The development of the capitalist credit system has promoted the emergence and development of joint-stock companies…
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