50 Things That Made the Modern Economy - Limited Liability Company

Nicholas Murray Butler was one of the great thinkers of his age: philosopher; Nobel Peace Prize-winner; president of Columbia University. When in 1911 Butler was asked to name the most important innovation of the industrial era, his answer was somewhat surprising. “The greatest single discovery of modern times,” he said, “is the limited liability corporation”. Tim Harford explains why Nicholas Murray Butler might well have been right.

Producer: Ben Crighton Editors: Richard Knight and Richard Vadon

(Image: LLC. Credit: Getty Images)

Published on Saturday, 22nd July 2017.

Available Podcasts from 50 Things That Made the Modern Economy

Subscribe to 50 Things That Made the Modern Economy

We are not the BBC, we only list available podcasts. To find out more about the programme including episodes available on BBC iPlayer, go to the 50 Things That Made the Modern Economy webpage.