Adam Smith：The Wealth of Nations, Book V, Chapter I, Paragraph 1717

When those companies do not trade upon a joint stock, but are obliged to admit any person, properly qualified, upon paying a certain fine, and agreeing to submit to the regulations of the company, each member trading upon his own stock, and at his own risk, they are called regulated companies. When they trade upon a joint stock, each member sharing in the common profit or loss, in proportion to his share in this stock, they are called joint-stock companies. Such companies, whether regulated or joint-stock, sometimes have, and sometimes have not, exclusive privileges.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book V, Chapter I, paragraph 1717 · Verified：2026-10-19 · Verification：Exact match

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