Essays on organizations, capital, and the right to leave
How groups β and, one day, individuals β become economies. Written from the mechanics up, grounded in what Caper enforces on-chain.
In June 1720 Parliament chartered two companies and outlawed every other flotation in England. On a dead protocol's list of twenty-two ventures, and the difference between a business that needs a data feed and a business that needs a balance sheet.
Fundraising has always been an event with a closing date. On the open-end fund, the round that never closes, and capital as a standing condition rather than a recurring emergency.
The oldest problem in governing anything is the gap between deciding and doing β and the person trusted to cross it. On advisory votes, multisig theatre, and a decision that carries itself out.
For most of history, whoever struck the coins took a cut. On seigniorage, the debasement that shadows it, and how a caper pays its founder without a pre-mine to dump.
Every market rests on a question it rarely admits: who will take the other side when you want out? On market makers, the panics that made them vanish, and the first counterparty that cannot walk away.
David Bowie proved in 1997 that a person could be capitalized. The 2020 personal-token wave proved that issuing the claim is the easy part. On treasuries, the exit right, and what self-incorporation actually requires.
What a member keeps when they leave shapes everything else. On voice, exit, and the case for making a member's severable share and their vote the same number.