----------------- HES POSTING ----------------- If you don't mind, I would answer "no later than Adam Smith" - Marx also dealt at length with the topic (Vol. III) and so on... More seriously, The Modern Corporation and Private Property /1932 / Adolf A. Berle, Gardiner C. Means is largely recognised to be the first authors to launch the discussions. Alain Alcouffe ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]