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The Emergence of Organizations and Markets$
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John F. Padgett and Walter W. Powell

Print publication date: 2012

Print ISBN-13: 9780691148670

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691148670.001.0001

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Country as Global Market

Country as Global Market

Netherlands, Calvinism, and the Joint-Stock Company

(p.208) 7 Country as Global Market
The Emergence of Organizations and Markets

John F. Padgett

Princeton University Press

This chapter argues that certain Dutch organizational innovations were all interlinked through their common genesis mechanism of “migration and homology.” Migration refers to two tidal waves of persecuted Calvinist merchants and artisans out of what is now Belgium into what is now the Netherlands, but within what was then the unitary region of the Spanish Netherlands. Homology refers to parallel organizational structures of nested councils in three institutional pillars: regents in federalist governments, consistories and synods in the Dutch Reformed Church, and boards of directors and shareholders in joint-stock companies and stock markets. Organizational innovations, shaped through civil, religious, and colonial wars, cascaded from domain to domain because they came to operate through the shared relational protocol of “lateral control” or public peer pressure.

Keywords:   Netherlands, Calvinism, joint-stock company, migration, homology, lateral control, public peer pressure

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