- Dec 18, 2013
- 136,692
- 28,017
- 2,180
Name some other profitable system?I mentioned this company in a different post. Government chartered companies like this one were the predecessors of corporations and wielded comparable power, although they also had certain liabilities that modern corporations usually don't.When and where do you believe capitalism began?Capitalism does not require corporations. For most of its existence, capitalism did not have corporations. Corporations themselves are an invention of the state through corporate law
East India Company - Wikipedia
"On 22 September 1599, a group of merchants met and stated their intention 'to venture in the pretended voyage to the East Indies (the which it may please the Lord to prosper), and the sums that they will adventure', committing £30,133 (over £4,000,000 in today's money).[19][20]
"Two days later, 'the Adventurers' reconvened and resolved to apply to the Queen for support of the project.[20]
"Although their first attempt had not been completely successful, they nonetheless sought the Queen's unofficial approval to continue.
"They bought ships for their venture and increased their capital to £68,373.
"The Adventurers convened again a year later, on 31 December, and this time they succeeded; the Queen granted a Royal Charter[13] to 'George, Earl of Cumberland, and 215 Knights, Aldermen, and Burgesses'[citation needed] under the name, Governor and Company of Merchants of London trading into the East Indies."
The East India Company still had to act in the interests of the governments it worked with. Today, the process is often in the reverse. Corporations often have the power to get governments to do their bidding.