A painting of 17th-century Venice, with a view of the banks of the Grand Canal and the Doge’s Palace, by Leandro Bassano.
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By CHRYSTIA FREELAND
Published: October 13, 2012
IN the early 14th century, Venice was one of the richest cities in Europe. At the heart of its economy was the colleganza, a basic form of joint-stock company created to finance a single trade expedition. The brilliance of the colleganza was that it opened the economy to new entrants, allowing risk-taking entrepreneurs to share in the financial upside with the established businessmen who financed their merchant voyages.
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