Can you think of a modern innovation without which thousands of others wouldn’t exist? In this episode of Johan Norberg’s New and Improved, Norberg explains the revolutionary power behind the limited liability company and how it has changed the world.

We go through life with the almost unquestioned premise that no matter our circumstances, we’re just one brilliant idea away from fame, fortune, and the chance to change the world. This is the power of the LLC.

By reducing risk, it connects brilliant ideas to capital, economies of scale, and more. As a result, we live in a world where we assume that whatever our problem, big or small, somebody somewhere has devised a means to solve it affordably and efficiently.