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RivalversionsofcapitalismTheendangeredpubliccompanyTheriseandfallofagreatinvention,andwhyitmattersMay19th2012|fromtheprinteditionASTHISnewspaperwenttopress,Facebookwasabouttobecomeapubliccompany.Itwillbeoneofthebiggeststockmarketflotationsever:thesocial-networkinggiantexpectsinvestorstovalueitat$100billionorso.Thenewsraisesseveralquestions,from“Isitworththatmuch?”to“Whatwillitdonext?”ButthemostintriguingquestioniswhatFacebook’sflotationtellsusaboutthestateofthepubliccompanyitself.(lead-in)Atfirstglance,alliswell.Thepubliccompanywasinventedinthemid-19thcenturytoprovidethegiantsoftheindustrialagewithcapital.ThatFacebookisjoiningMicrosoftandGoogleonthestockmarketsuggeststhatpubliclistingsareperformingthesamemiraclefortheinternetage.Notevery19th-centuryinventionhasweatheredsowell.(history)Inthissection»TheendangeredpubliccompanyHYPERLINK"http://www.economist.com/node/21555572"TheGreekrunHYPERLINK"http://www.economist.com/node/21555577"SpringcancomeagainHYPERLINK"http://www.economist.com/node/21555580"RethinktheresetHYPERLINK"http://www.economist.com/node/21555583"TheBrazilbacklashHYPERLINK"http://www.economist.com/node/21555586"CounterrevolutionHYPERLINK"http://www.economist.com/rights"ReprintsButlookcloserandthepicturechanges(seeHYPERLINK"http://www.economist.com/node/21555552"\t"_self"article).MarkZuckerberg,Facebook’syoungfounder,resistedgoingpublicforaslongashecould,notleastbecausesomanyheadsoflistedcompaniesadvisedhimto.HeistakingtheplungeonlybecauseAmericanlawrequiresanyfirmwithmorethanacertainnumberofshareholderstopublishquarterlyaccountsjustasifitwerelisted.LikeGooglebeforeit,Facebookhasstructureditselfmorelikeaprivatefirmthanapublicone:MrZuckerbergwillkeepmostofthevotingrights,forexample.(转折)Thenumberofpubliccompanieshasfallendramaticallyoverthepastdecade—by38%inAmericasince1997and48%inBritain.Thenumberofinitialpublicofferings(IPOs)inAmericahasdeclinedfromanaverageof311ayearin1980-2000to99ayearin2001-11.Smallcompanies,thos