Javier Milei: Argentina invites AI to free itself

On March 20 1602, the founding of the Dutch East India Company gave the world the limited liability company — and unleashed capitalism’s full potential. Only when law placed a ceiling on risk did capital deploy with genuine force. The industrial revolution ignited some years later was made complete not by engineering, but by Dutch corporate law. The machine and the legal entity were, together, the double helix of modern prosperity. Since then, global GDP has increased more than 200 times, income per capita has risen 15-fold, and population has multiplied by 15. The limited liability company certainly deserves a place among the 10 most consequential inventions in history. The concept did not go unchallenged. As late as 1824, critics wrote that limited liability let wealthy men “offer a portion of their excesses for the formation of a company, to play with that excess . . . and then, should the funds prove insufficient to answer all demands, to retire into the security of their unhazarde

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• Arunim Agarwal