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Selatius

(20,441 posts)
3. Did you ever learn why corporations were very rare in the US the first 100 years of its history?
Sun May 20, 2012, 05:59 AM
May 2012

One of the aggravating factors that helped spark the American Revolution was the issue of British tea. It sounds stupid, but the reason why many Founders had major trust issues with corporations was that British Parliament, after much lobbying by representatives of trade groups in London, had granted a legal monopoly to the British East India Company to sell tea to the American Colonies. They were free to charge as high as price as the market could bear, and while tea itself wasn't a fundamental necessity, it did spark worry that Parliament could easily grant other monopolies to companies to sell things that were considered necessities or things that were in very short supply and were needed.

This issue added onto other issues that were outstanding between the colonists and the British Empire. The other big issue was the outlawing of colonial paper currency. Prior to the Currency Act of 1764, the individual colonies were free to issue paper money as a medium of exchange to facilitate trade and commerce and for the payment of debts in the absence of sufficient money from the British back home. When it was explained to banking institutions in London how paper currency in the colonies worked, that they were considered bills of credit instead of bills of debt whose introduction came at the expense of payment of interest to those banks from which the funds were borrowed, their representatives began lobbying British Parliament to outlaw the colonial currencies and require the colonies to pay its tax debts in gold coin borrowed from English banks with interest. They wished the colonies to be hooked into the same system that the rest of Europe was locked in to.

All of this added to hatred of corporations. It simply allowed small groups of people to become supremely wealthy, and they would use that wealth to buy favors and preferential treatment above everybody else who was poorer. People became tired of being screwed.

When the number of people who don't have enough food and shelter and don't have work cali May 2012 #1
They should be getting ready for the collaspe instead StitchesforSnitches May 2012 #2
Did you ever learn why corporations were very rare in the US the first 100 years of its history? Selatius May 2012 #3
ahhh yes StitchesforSnitches May 2012 #4
They want obedient workers, not citizens who are capable of critical thinking. Selatius May 2012 #5
What bugs me is that they dressed up as Indians and blamed them for the act. Zalatix May 2012 #6
or blaming the black guy StitchesforSnitches May 2012 #7
Oh jeez, don't get me started on her. Zalatix May 2012 #8
Well, that's not exactly how the story went. Bluenorthwest May 2012 #21
Except that the modern corporation didn't really exist then. Igel May 2012 #33
It is never going to happen bighughdiehl May 2012 #9
Let me put it to you this way StitchesforSnitches May 2012 #11
Great insights! rrHeretic May 2012 #12
Excellent analysis! I'm convinced the masses learned little from RKP5637 May 2012 #13
There was a time. sendero May 2012 #14
Simon and Garfunkel were right bighughdiehl May 2012 #18
If your family didn't wake up until the Bush administration they were 20 years too late NNN0LHI May 2012 #22
Righteous rant & spot on. CrispyQ May 2012 #23
"someone making GWB look like FDR will be elected" dixiegrrrrl May 2012 #25
Buy Shares in Facebook! TomClash May 2012 #10
Conditions will dictate - TBF May 2012 #15
Really? bighughdiehl May 2012 #16
Maybe in the manufacturing sector - TBF May 2012 #20
This message was self-deleted by its author piratefish08 May 2012 #17
Plan B sorefeet May 2012 #19
Taking away my deep fried Cheetos would do it! obliviously May 2012 #24
Very soon. kickysnana May 2012 #26
There will be no tipping point IDemo May 2012 #27
not gonna happen and it won't hit them where it hurts cali May 2012 #28
I know it won't happen IDemo May 2012 #31
Corporations have power because people buy stuff from them bhikkhu May 2012 #29
which is simply not going to happen. cali May 2012 #30
When people decide to stop being LAZY. Or, when we don't have cars. Believe it or not. Gregorian May 2012 #32
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