In this chapter, we identify innovations in corporate law in the mid-nineteenth century and especially the introduction of limited liability as important, though largely overlooked, reasons for their demise. Today, most of these ‘Quaker’ businesses are no longer either owned or controlled by Quakers, and have almost invariably adopted the conventional shareholder model of corporate governance. Since their origins in the mid-seventeenth century, the Quakers were known for their honest and honorable business practices, their enlightened approach to employee welfare, their concern for wider society, and their willingness to innovate. By way of contrast, this chapter focuses on the Quakers as a (largely forgotten) exemplar of good organisation and good governance that has traditionally distinguished itself from the shareholder model.
The twenty-first century has witnessed a number of corporate scandals and private-sector take-overs that have called into question the shareholder-focused economy.
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