Joint-stock companies are yet in their infancy, and incorporated capital, instead of being a thing which can be overturned, is a thing which is becoming more and more indispensable.

Sumner is often seen as a proto-libertarian. He was a polymath with numerous books and essays on American history economic history political theory sociology and anthropology. William Graham Sumner (October 30 1840 – April 12 1910) was an American academic and "held the first professorship in sociology" at Yale College.