Whaling was a prominent global industry in the nineteenth century, and the United States was the dominant one. By 1850, there were 900 whaling ships in the world, and 700 of them were Americans. Rates of return on capital were high compared with the investment test, at least in the early years of the nineteenth century. Whaling was one of the first to deal with the complex issues associated with the provision of high-risk investment, syndication, organizational form, ownership structure, incentives, team building, and the principal-agent compromises. It represents an important starting point for the study of the origins of American entrepreneurship and venture financing. "Hide
by Tom Nicholas, Jonas Peter Akins Source: Harvard Business School 23 pages. Publication Date: October 17, 2012. Prod. #: 813086-PDF-ENG
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