Adam Smith：The Wealth of Nations, Book V, Chapter I, Paragraph 1742

An eminent French author, of great knowledge in matters of political economy, the Abbe Morellet, gives a list of fifty-five joint-stock companies for foreign trade, which have been established in different parts of Europe since the year 1600, and which, according to him, have all failed from mismanagement, notwithstanding they had exclusive privileges. He has been misinformed with regard to the history of two or three of them, which were not joint-stock companies and have not failed. But, in compensation, there have been several joint-stock companies which have failed, and which he has omitted.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book V, Chapter I, paragraph 1742 · Verified：2026-10-19 · Verification：Exact match

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