The Company-Short History of a revolutionary idea
Traces the evolution of a concept that has grown in importance and power over the centuries and spawned myriad specimens. Plays down the fears of those attributing supranational command to MNCs and talks of the transformation of slave employees to company men to organisation men to entrepreneurial agents.
Raises issue of shareholder vs. stakeholder capitalism and the increasing intervention of government in company affairs. Considers companies as franchises who can win trust and thus the benefit of doubt during crisis if they also promote social good.
Magisterial survey interspersed with enough numbers to give a better idea of issues discussed.
3000 BC in Mesopotamia saw an attempt to rationalize property ownership. Assyrians(biblical savagery wale) had some partnerships going.
Phoenicians and Athenians(their model stands out for its rule of law and no whims of king allowed and its welcoming of outsiders-Pasion d.370 BC was a slave who died as the richest, made money in bankg and shippg; but scale was small-what do u expect form city state? Shield factories, the biggest factories employed no > 100; I thot cloth and trinkets wd be big biz even then,esp. in democratic city states; have to read more about Pericles and Solon) took the capitalism top sea. Expense time and risk at sea made p’ship even more necessary. Homer denounces merchants of Tyre.
By Second Punic War(218-202) Societates(‘mere groups of individuals’?;shortterm and most wealth still in agri and estates) of Rome wit their tax farming publicani, each partnetr having a share since a single knight could not guarantee a big levy; also engaged in grinding shields and swords.craftsmen formed guilds(corpora or collegia)
Romans created fundamental concepts of corporate law, esp the idea that an assoctx. Of people had collective identity separate from its human constituents; linked companies to familia, basic unit of society. Partners-socii left the running of co. to managers-magister who kept tabulae accepti et expensi.
Muhamad(569-632) was a trader. Sindbad, a merchant was hero whereas Christians had tuf time reconciling creed and deed. Muslims sat b/w west and East and had reached China before Polo(1275-92 travels saw him admiring the junks with cabins for 60 merchants) came. Trade was natural in a barren area. In 1076 China had a 700 year lead over European Iron factories, producing 125k tons. When Gama reaches E Africa, his better dressed hosts wonder how his puny ship could brave it like the Chinese ships.
Islamic law had muqarada for partnerships but oral testimony and no written contracts made it half-hearted? Also no single heir as in (selfish?)Europe. Chinese culture and govt. interference sunk hopes of corporates blooming. But China always excelled in eco of scale till the 18th cent. e.g. in porcelain but became ossified since they never competed with stare monopolies of other countries.
Yung Lo(Ming emperor) in 1403 dispatches fllet of treasure ships to Asian regions. Decline after 1424; Zheng he, famous captain given landlubber’s job by sons. In 1793, emperor to emp(George 3) As u can c, v have everything and no need to import manufactures of barbarians. None so blind as he who will not see. English and the Europeans lived it up during the industrial revolution (Landes) with incestuous spying and trade secrets spilling.
2 sorts of medieval orgs after Roman influence is history.
Guilds and chartered companies of N Europe and the merchant empires of Italy.
Maritime firms in Amalfi and Venice since 9th cent. Venetians formed consortia to lease galleys from state. (it has alwys been smart not 2 buy huge vehicles)
12th cent- compagnia(family firms on the principle of joint liability) emerges in Florence and other inlanf towns. Cum panis (breaking bread together)
1340- double entry bookkeeping to keep foreign offices honest. Letters of exchange in which Italian banks dominated(first hundi?has to be gujrat?). banchi(banco or benches behind which Italian money lenders sat) and compagnia intertwined. Bankers9many just pawnbrokers with 40% rates) and prostitutes would be refused communion in many cities.
But grossi banchiwere well captlzd with international branch network. They lured landlords to deposits-more liquid way of scooting during pol crisis than your farm.
1339- Edward 3 defaults and so do Bardi and Peruzzi- Florentine banks. In 1357, beleagured Ed gives right to collect customs on wool exports to Staple of London in exchange for money.
1423- Florence’s war addiction left it with public debt 6* annual revenue(double thje proportion that US in early 90s)
Medici bank- 4 Popes and 2 French Queens; bankrolled Renaissance. Begun in 1397 by Giovani di Bicci de Medici- it secured the papacy’s business. Since good Christians never took interest, Medici paid in diff currencies(with hidden premium) or licences or goods, thus making them diversified traders who went from wool(wd drag em to lending to crown) to cloth and then a alum monopoly(dyeing). 10 branches, ach a separate p’ship to keep losses lo. After Cosimo de M , war of roses and bad debts in London
1478- lost papal biz; 16 yrs later Ms expelled from Florence.
Datini- Merchant of Prato; Black Death and Flo weaver revolt agst guild. permancence was till prerogative of state. So lets go to N Europe to see the light.
Security and fellowship in a forbidding world through corporate persons like towns, univs, guilds. Also transmissx. Of wealth and tradition. Corp. of London still has ¼ ofr land, 3 pvt shols, 4 mkts and hampstead heath.
Saxon Gildan- to pay. Guild got a monopoly in return for small donation to sovereign. 17 yrs apprenticeship in London made u freeman, conscription exempt and free to put up shop within city walls. Guilds more like TU than companies.
1707- boatman guild ambushes a world’s first-Denis Papin’s steamboat. Steampower used 100 yrs later.
Most successful of regulated companies (a consortia to negotiate better price like the galley fellows) was Staple of London, founded in 1248 for wool exports. In 1357, beleagured Ed gives right to collect customs on wool exports to Staple of London in exchange for money. In 1466, Henry 6 wd give it aty over Calais to get customs on wool imported by continent. State offerd security and guaranteed mkt to firms.
Raises issue of shareholder vs. stakeholder capitalism and the increasing intervention of government in company affairs. Considers companies as franchises who can win trust and thus the benefit of doubt during crisis if they also promote social good.
Magisterial survey interspersed with enough numbers to give a better idea of issues discussed.
3000 BC in Mesopotamia saw an attempt to rationalize property ownership. Assyrians(biblical savagery wale) had some partnerships going.
Phoenicians and Athenians(their model stands out for its rule of law and no whims of king allowed and its welcoming of outsiders-Pasion d.370 BC was a slave who died as the richest, made money in bankg and shippg; but scale was small-what do u expect form city state? Shield factories, the biggest factories employed no > 100; I thot cloth and trinkets wd be big biz even then,esp. in democratic city states; have to read more about Pericles and Solon) took the capitalism top sea. Expense time and risk at sea made p’ship even more necessary. Homer denounces merchants of Tyre.
By Second Punic War(218-202) Societates(‘mere groups of individuals’?;shortterm and most wealth still in agri and estates) of Rome wit their tax farming publicani, each partnetr having a share since a single knight could not guarantee a big levy; also engaged in grinding shields and swords.craftsmen formed guilds(corpora or collegia)
Romans created fundamental concepts of corporate law, esp the idea that an assoctx. Of people had collective identity separate from its human constituents; linked companies to familia, basic unit of society. Partners-socii left the running of co. to managers-magister who kept tabulae accepti et expensi.
Muhamad(569-632) was a trader. Sindbad, a merchant was hero whereas Christians had tuf time reconciling creed and deed. Muslims sat b/w west and East and had reached China before Polo(1275-92 travels saw him admiring the junks with cabins for 60 merchants) came. Trade was natural in a barren area. In 1076 China had a 700 year lead over European Iron factories, producing 125k tons. When Gama reaches E Africa, his better dressed hosts wonder how his puny ship could brave it like the Chinese ships.
Islamic law had muqarada for partnerships but oral testimony and no written contracts made it half-hearted? Also no single heir as in (selfish?)Europe. Chinese culture and govt. interference sunk hopes of corporates blooming. But China always excelled in eco of scale till the 18th cent. e.g. in porcelain but became ossified since they never competed with stare monopolies of other countries.
Yung Lo(Ming emperor) in 1403 dispatches fllet of treasure ships to Asian regions. Decline after 1424; Zheng he, famous captain given landlubber’s job by sons. In 1793, emperor to emp(George 3) As u can c, v have everything and no need to import manufactures of barbarians. None so blind as he who will not see. English and the Europeans lived it up during the industrial revolution (Landes) with incestuous spying and trade secrets spilling.
2 sorts of medieval orgs after Roman influence is history.
Guilds and chartered companies of N Europe and the merchant empires of Italy.
Maritime firms in Amalfi and Venice since 9th cent. Venetians formed consortia to lease galleys from state. (it has alwys been smart not 2 buy huge vehicles)
12th cent- compagnia(family firms on the principle of joint liability) emerges in Florence and other inlanf towns. Cum panis (breaking bread together)
1340- double entry bookkeeping to keep foreign offices honest. Letters of exchange in which Italian banks dominated(first hundi?has to be gujrat?). banchi(banco or benches behind which Italian money lenders sat) and compagnia intertwined. Bankers9many just pawnbrokers with 40% rates) and prostitutes would be refused communion in many cities.
But grossi banchiwere well captlzd with international branch network. They lured landlords to deposits-more liquid way of scooting during pol crisis than your farm.
1339- Edward 3 defaults and so do Bardi and Peruzzi- Florentine banks. In 1357, beleagured Ed gives right to collect customs on wool exports to Staple of London in exchange for money.
1423- Florence’s war addiction left it with public debt 6* annual revenue(double thje proportion that US in early 90s)
Medici bank- 4 Popes and 2 French Queens; bankrolled Renaissance. Begun in 1397 by Giovani di Bicci de Medici- it secured the papacy’s business. Since good Christians never took interest, Medici paid in diff currencies(with hidden premium) or licences or goods, thus making them diversified traders who went from wool(wd drag em to lending to crown) to cloth and then a alum monopoly(dyeing). 10 branches, ach a separate p’ship to keep losses lo. After Cosimo de M , war of roses and bad debts in London
1478- lost papal biz; 16 yrs later Ms expelled from Florence.
Datini- Merchant of Prato; Black Death and Flo weaver revolt agst guild. permancence was till prerogative of state. So lets go to N Europe to see the light.
Security and fellowship in a forbidding world through corporate persons like towns, univs, guilds. Also transmissx. Of wealth and tradition. Corp. of London still has ¼ ofr land, 3 pvt shols, 4 mkts and hampstead heath.
Saxon Gildan- to pay. Guild got a monopoly in return for small donation to sovereign. 17 yrs apprenticeship in London made u freeman, conscription exempt and free to put up shop within city walls. Guilds more like TU than companies.
1707- boatman guild ambushes a world’s first-Denis Papin’s steamboat. Steampower used 100 yrs later.
Most successful of regulated companies (a consortia to negotiate better price like the galley fellows) was Staple of London, founded in 1248 for wool exports. In 1357, beleagured Ed gives right to collect customs on wool exports to Staple of London in exchange for money. In 1466, Henry 6 wd give it aty over Calais to get customs on wool imported by continent. State offerd security and guaranteed mkt to firms.
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