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The innovation of joint ownership made a great deal of Europe's economic growth possible following the Middle Ages.
The technique of pooling capital to finance the building of ships, for example, made the Netherlands a maritime superpower.
Before adoption of the joint-stock corporation, an expensive venture such as the building of a merchant ship could be undertaken only by governments or by very wealthy individuals or families.
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A single share of the stock represents fractional ownership of the corporation in proportion to the total number of shares.