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USE, ESTEEM, AND PROFIT IN VOLUNTARY PROVISION: TOLL ROADS IN CALIFORNIA, 1850—1902
Author(s) -
Klein Daniel B.,
Yin Chi
Publication year - 1996
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1111/j.1465-7295.1996.tb01404.x
Subject(s) - corporation , toll , incentive , stock (firearms) , profit (economics) , turnover , for profit , business , profit margin , economics , finance , marketing , microeconomics , management , engineering , mechanical engineering , genetics , biology
Early Californians took stock in toll roads for a variety of reasons: use of the road, esteem of fellows, and profits from stock. Whatever the motivation, in operation all toll road companies felt the profit motive. This paper presents a historical survey of voluntary organizations taking the stock‐corporation form. These cases demonstrate how various motivations and incentives intermingled and supported one another in the days before the corporation was legally bifurcated into either “for‐profit” or “not‐for‐profit” enterprise.