Loan money. Charge a loan fee equal to the future value of the company. Have the market determine the value of these debt instruments. Then you dont need to assume that a king can grant the nobles a reprieve from the liability of their actions to peasants.
It is an interesting question whether they create wealth. It should be studied. In my opinion externalities are a product of the corporation-- limited liability allows corporations to pollute. If externalities are factored in is there wealth net wealth creation? If so how much?
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