this post was submitted on 13 Nov 2023
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That's not entirely true. The Hudsons Bay Company, for instance, was on the stock market in the 1600s. The London Royal Exchange was built in the 1500s.
Yes but they were in Mercantilism systems not Capitalist ones.
It's extremely sad how purposefully western education has failed so many people on this front. You are 100% correct.
It really shouldn't be that complex. Adam Smith, considered the Father of Capitalism, published The Wealth of Nations in 1776. So even if you argue that someone in power got a copy an implemented immediately; blaming Capitalism for things that happened before them is as backwards as blaming failures in Collectivism that happened before 1867 (Publishing of Das Kapital by Marx).
I agree with you though, we definitely need better economic education in the US and likely the rest of the West too.
Definitely in the US. I find interactions with people outside the United States tend to go a little better and they have a better understanding. But sometimes still lack in many areas. In the US, however, we tend to be pretty consistently misinformed.
The Hudson's Bay company was a joint stock company that was listed on the stock market. I don't know what else to tell you, it was one of the first corporations in the world.
I don't know if you know this. But the Hudson Bay Company predates capitalism. Other systems had stocks (joint ventures), markets and money that doesn't make them Capitalist. Specifically the Hudson Bay Company arose in a system known as Mercantilism (you should read the link).
It's not just Society created then everything is Capitalist until Communism. Humans have tried many ways to organize both society and economy.
I know what mercantilism is. My point was that Hudson's Bay company was a corporation, with a board of directors, investors who purchase stock, and the stock was listed on the stock market that allowed outside investors to invest in the company and to be paid in dividends from the company's profits.
In fact, the whole setup was designed to (drum roll) raise capital from outside investors to fund the expansion of the company.