The book examines the economic policies and structures of England, France, and Spain during a pivotal period of mercantilism. Ekelund and Tollison apply neoclassical-neoinstitutional analysis to understand the foreign trade controls and the organization of mercantile companies, with a specific focus on the East India Company. The authors investigate the emergence of modern corporations from early English joint-stock companies and assess how regulatory forms influenced business organizations involved in international commerce.

This book is regarded as a significant contribution to the economic history of mercantilism, offering a rigorous analytical framework. Scholars have noted its detailed examination of specific companies and regulatory environments. The application of neoclassical-neoinstitutional theory provides a distinct perspective on historical economic practices. The work is considered valuable for understanding the transition towards modern corporate structures.