Joint stock companies of the late 19th century brought about, most significantly,

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Joint stock companies allowed for the separation of ownership and management, as investors could buy shares and receive dividends without being directly involved in the day-to-day operations of the company. This led to the rise of professional managers who were hired to run the company on behalf of the investors, which significantly changed the way businesses were managed and operated.

Joint Stock Companies of the Late 19th Century Brought About