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This produced numerous jobs in the U.S. Employment by firms engaged in motor car and gear manufacturing peaked in the late 1970’s at approximately 1 million individuals—twice the employment of 1929” (Hess 9). If vehicles have been non-existent thousands of Americans would be out of function. The very first key ‘joint-stock’ firm of contemporary instances was the East India Organization , which was granted its Royal Charter on 31 December 1600, by Elizabeth I. Shares in the firm have been owned by merchants and aristocrats, and their liability for the debts of the organization was limited to the face worth of their shareholding.
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