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Notes on video lecture:
16th and 17th Century Merchant Trading Companies
Notes taken by Edward Tanguay on December 2, 2013 (go to class or lectures)


Choose from these words to fill the blanks below:
West, individuals, Levant, Muscovy, wealth, Puritans, multiple, debt, monopoly, deal, South, America, military, Elizabeth, economists, global, slave, Succession, commodities, Winthrop, mercantilism, colonize, Dutch, Levett, charity
the rising pools of and capital in Europe spawned a set of important institutional changes
had a profound effect on the organization of market places
gave birth to merchant trading companies
The Company (1555-1917)
first major chartered joint stock company
monopoly on trade between England and Muscovy (principality centered around Moscow) until 1698
since 1917 the company has operated as a , now working within Russia
The Company (1581-)
formed in 1581
regulated trade with Turkey and the Levant
several London merchants petitioned Queen I in 1580 for a charter to guarantee exclusivity when trading in that region
had no colonial aspirations
established "factories" (trading centers) in already-established commercial centers
set up to enjoy a monopoly trading position
Francis (1700-1764)
head of company
posed in pictures as "going native", wearing the Turkish dress
merchants brokered between cultures and knew various cultures well
played with the idea that they belonged to worlds
felt they were bringing the world together
The Massachusetts Bay Company (1629-)
chartered by the English crown to a vast area in New England
quickly taken over by a group of , under the leadership of John
center at Boston
The Royal African Company (1660-)
granted a monopoly over English trade with Africa
original purpose was to exploit the gold fields up the Gambia River
but it was soon engaged in the trade as well as with other commodities
The Sea Company (1711-)
also granted a monopoly to trade with South
created as a public–private partnership to consolidate and reduce the cost of national
Britain was involved in the War of the Spanish and Spain controlled South America, there was no realistic prospect that trade would take place and the company never realized any significant profit from its
merchant trading companies
significant was: these were no longer just
English firms
also analogues for France, Portugal, and Spanish
origins of these companies
charters granted by monarchs giving them trade monopolies in certain geographical areas
relationship between companies and monarchs
there was a being struck
institutional foundation for an intensification of a global division of labor
governments and merchants going to the next level in six easy steps
1. fiscal state
merchants acquire from governments monopoly rights to trade
protects their earnings
merchants reciprocate a certain share of their profits to the state in the form of revenue
as trade increases, pool of activity grows, creates more capital
capital can go to the purchase of government bonds
government uses bonds to buy weapons, expands their military capacity that depends the monopoly rights of their trading companies
this will have a profound implication for global power
companies get involved in colonization schemes
companies get rights not just to trade but to create colonies, which will produce for other people's consumption
wealth becomes increasingly privatized
described by in 18th century
: underpinning philosophy and practice for the new model of an empire that was already very different than the predator systems of the early 16th century