5 of the richest companies in history
Inconceivable wealth. And a few lessons in how not to get rich, too.
- You've definitely heard of Apple. But what about the Dutch East India Company?
- Did a 1911 Supreme Court decision result in more millionaires in America than any other court case?
- One example of how not to do it: the rise and fall of the Mississippi Company.
Dutch East India Company
The VOC flag. Photo credit: Michael Coghlan via Flickr.
Known under the initials VOC (Vereenigde Oostindische Compagnie), the Dutch East India Company would be worth about $7.8 trillion today. Founded in 1602, it accomplished globalist capitalism some 400 years before everyone else did. It began as a shipping company — with a 21 year monopoly on the Dutch spice market — before branching into almost every aspect of the spice trade, from production to consumer sales, while still keeping a massive footprint in the shipping industry at large for more than 100 years. But this success came at a massive moral cost: they exploited foreign workers, imprisoned many, and benefitted hugely from the slave trade. But for that 100 years, VOC was a gargantuan presence around the world. They controlled armadas of ships that were able to fight off navies and take territories, an impressive feat for a privately held company (imagine if Arby's began to take over entire city blocks).
You could probably say that the very idea of globalism stems from the VOC. Europeans wanted spices and textiles from Asia, but Asia didn't want very much in return except for precious metals — which Portugal and Spain had in abundance at the time. Paraphrasing here for the sake of brevity, the VOC created a hugely profitable trade corridor between Asia and Europe. And from around 1620 to 1630, the VOC used profits to reinvest in itself, becoming exponentially bigger in the process.
The Mississippi Company and the South Sea Company
Ooh, boy. This is a story. In you lived in France in the early 1700s you'd have likely heard of the Mississippi Company. Depending on which version of their history you read, you'll get two very different narratives about the company. They either controlled much of France's commercial interests in the New World for 20 years before fizzling out due to mismanagement... or they shipped convicts and prostitutes to Arkansas and Louisiana to ostensibly work for them in order to inflate their numbers and increase speculation on paper which nearly led to bankrupting France.
Both versions of the company history hold true. The central figure of the story was a Scottish economist named John Law who convinced the then-king of France, Louis XIV, to allow him to run the Banque Générale Privée ("General Private Bank") in 1716, taking on the national debt, which he then used to finance the Mississippi Company to organize trade with the New World. Law's company, in the space of two short years, bought several other shipping companies in order to create a near-monopoly of trade on the world's oceans. In order to fund such a massive operation, in 1720 the Mississippi Company became tied into the Banque Générale, which became the Banque Royale. Law kept pushing the valuation of his company and soon began shipping prisoners and prostitutes to America to work for his company as part of a marketing scheme which promised huge returns on stock.
The thing is: the scheme worked... but only for a very short while. Stocks soared, and then crashed. The whole cycle lasted just 4 years. Law fled to London and then to Venice, where he gambled away what he had left and died penniless in 1729 in Venice.
At roughly the same time, a joint-stock company was formed in England called the South Sea Company. John Law had been exiled from England after killing a man in a duel in 1694 (and was only free as he'd managed to escape prison and flee to Amsterdam), but after word of his successes with the Mississippi Company reached British shores they decided to set up their own similar joint-stock venture. The South Sea Company was given a monopoly to trade with South America. It, too, overvalued itself... mostly through speculation of a £70 million line of credit through the King of England himself, which never actually happened. A rush on stock by a who's-who of the who-was in England at the time (including Sir Isaac Newton, who had bought about £22,000 in South Sea stock) — followed by a slew of insider trading by South Sea employees who realized the bubble was about to burst — brought about a huge economic crash.
Both the South Sea Company and the Mississippi Company didn't actually do much trading with the Americas. It was mostly just a clever marketing ploy combined with public gullibility.
Businessmen in Saudi Arabia
Invited foreign and Saudi investors attend the Future Investment Initiative (FII) conference in Riyadh, on October 24, 2017.
The head of oil giant Saudi Aramco said that a lack of recent investments in the oil sector could lead to a shortage of supplies. / AFP PHOTO / FAYEZ NURELDINE
Still around today, Saudi Aramco is one of the world's biggest oil producers. Adjusted for inflation, at it's height, the company was worth $4.1 trillion.
When oil was discovered in Bahrain in 1932, the Saudi government accepted a bid from the newly-founded California-Arabian Standard Oil Company to search for oil in nearby Saudi Arabia. Soon after, Texas OilCo bought a 50 percent stake in California-Arabian. For the next five years, no oil was discovered and the company was hemorrhaging money. Finally, oil was discovered in Dhahran in 1938 and production quickly soared. Changing its name to Arabian American Oil Co (or, for short, Aramco) in 1944, it was then forced to share its profits with the Saudi government starting in 1950. This essentially nationalized the oil production, leading the huge amounts of money for the Saudi government. In 1980, the Saudi government assumed full control of Aramco.
While not quite as colorful a history as the Mississippi Company, Aramco is itself responsible for what economists now call the "golden gimmick" — wherein (and I'm definitely paraphrasing) a country's government takes shares from the company because it's just so darn profitable. Must be nice.
John D Rockefeller circa 1930: at work in his study. (Photo by Hulton Archive/Getty Images)
Ever heard the phrase "richer than a Rockefeller"? Well, that's because John D. Rockefeller founded Standard Oil in 1870 in Ohio. It became the largest oil refinery in the world for a number of years. Adjusted for inflation, in 1905, it was worth well over $1 trillion in today's money.
Rockefeller controlled 90 percent of the oil in America during the early 20th century; oil was used during that time primarily as a light source for lamps (this is before electricity became widely available) and then, with the invention of the car, became fuel for automobiles. Rockefeller was the cornerstone of two major industries until 1911, when Standard Oil was dissolved by none other than the U.S. Supreme Court for being an "illegal monopoly." When Standard Oil was broken up into 34 different companies — the shares of those companies became worth more than Standard Oil was, thus making Rockefeller obscenely wealthy instead of just extraordinarily wealthy.
How rich was John D. Rockefeller? Well, in 1913 he alone was worth about 2 percent of the entire U.S. GDP — about $400 billion, when adjusted for today's inflation. He attributed his success to a hard work ethic, his faith in God, and his abstinence from alcohol.
Oh, and those 34 companies? Two of them, Jersey Standard and Socony, became Exxon and Mobil, respectively. They eventually merged into a new company called Exxon-Mobil. That single company took over exactly where Standard Oil had left off and became a huge player in the gasoline industry. In 2007, it was worth $572 billion.
Apple CEO Steve Jobs speaks during an Apple special event April 8, 2010 in Cupertino, California. Jobs announced the new iPhone OS4 software. (Photo by Justin Sullivan/Getty Images)
Apple was founded back in 1976 by Steve Jobs, a canny marketer, and Steve Wozniak, an unparalleled programmer and computer genius. They had early successes in personal computers with the Apple I and the Macintosh, but by the mid-'90s they'd petered out, seemingly much more interested in appeasing shareholders than the public. Did you know Apple made CD players for a while? Digital cameras? A lot of people don't remember Apple's "weird" period.
But let's single out the the Apple Newton. This PDA (personal digital assistant) nearly bankrupted the company in 1993 after being rushed out before it was ready; it's handwriting recognition feature could barely read anything other than block letters and was widely mocked. Hold that thought for a paragraph.
Around 1997, Steve Jobs returned to the company and decided to concentrate on what the company did best: personal computing that catered to regular day-to-day users rather than avid tech professionals. He began to cater to different groups with singular products. The PowerMac for pro users. The iMac for classrooms. The MacBook and the MacBook Pro for people working out of coffeeshops.
But then Apple created the iPod, which could hold an entire library of music in your pocket. It was followed by the iPhone... a landmark device that put the internet, colors and all, in your pocket. The iPhone, funnily enough, has huge similarities to the much maligned Newton. Now consider the iPad and the Apple Pencil and how their handwriting recognition technology is considered the best in the industry. Sometimes you have the right idea but just 20 years too soon.
Then there was the iTunes store, which took over the music industry. Then the App Store, which transformed the tech ecosystem. In August of 2018, they became the most valuable company in the world with $1 trillion in value.
Which is still pennies compared to the Dutch East India Company. But hey. Who's counting?
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A strange weakness in the Earth's protective magnetic field is growing and possibly splitting, shows data.
- "The South Atlantic Anomaly" in the Earth's magnetic field is growing and possibly splitting, shows data.
- The information was gathered by the ESA's Swarm Constellation mission satellites.
- The changes may indicate the coming reversal of the North and South Poles.
Is the Magnetic Field Reversing?<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="e3e0b16dac3b05dab808a4ddf04d198b"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/51usJ74pPP8?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
"Nothing but naked people: fat ones, thin ones, old, young…"
"The Yellow Sands", 1888, John Reinhard Weguelin; source: Wikimedia Commons<h3>Naked revolution</h3><p>Yet long before anyone knew about beach fashion, naturism was trendy. Bathing naked in the sea was going on in England as early as 1840. However, during the reign of Queen Victoria, this pleasure was outlawed. But it popped up again among the conservative Germans. In 1898, the first Naturist Club was founded in Essen and in 1900 the Wandering Birds group (<em>Wandervögel</em>) was scouring the country for uninhabited places and naked sunbathing. In the same year, Heinrich Pudor wrote <em>The C</em><em>ult of </em><em>the </em><em>Nud</em><em>e</em>, winning the hearts of contemporary supporters of naturism.</p><p>In the 1920s, on the back of this, members of the Movement for Natural Healing (<em>Naturheilbewegung</em>) organized naked sunbathing for the improvement of health. Persuaded by Pudor's theory of the healing properties of the sun and wind, which could be absorbed through the skin, they launched the naked revolution.</p><p>Pudor's book became the naturists' manifesto and soon after, not far from Hamburg, the Free Body Culture (<em>Freikörperkultur</em>, or FKK) movement was founded. This spread through other German centres and brought together thousands of people. The FKK still operates under the same name today.</p><p>The cult of the naked body even wrote itself into the ideology of fascist Germany, which advocated a pure, Aryan race. But in 1933, Hermann Göring issued an order that defined nudity as "the greatest threat to the German soul" and, with that, criminalized naturist organizations. But this wasn't the end of the movement. The naturists went underground, continuing their activities under the guise of improving physical fitness.</p><p>In 1936, the idea was even floated of having a naturist display to open the Berlin Olympic Games. It was quickly dropped. Despite this, in 1939 the naturists managed to organize their own Games in the Swiss village of Thielle.</p>
Would you ever have sex with a robot?
- In 2016, "Harmony", the world's first AI sex robot was designed by a tech firm called Realbotix.
- According to 2020 survey data, more than one in five Americans (22 percent) say they would consider having sex with a robot. This is an increase from a survey conducted in 2017.
- Robots (and robotic tech) already play a vital role in speeding up manufacturing, packaging, and processing across various industries.
From homemade dildos to Harmony, the AI sex robot<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="3f7451615568e74c6a839f04329c9902"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/-cN8sJz50Ng?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p><em>"...amid an economic crisis, with restaurants and retailers closing their doors and larger companies laying off and furloughing employees, the sex tech industry is booming."</em><br></p><p>A Bustle <a href="https://www.bustle.com/wellness/the-sex-tech-industry-is-booming-amid-economic-crisis-22819801" target="_blank" rel="noopener noreferrer">article</a> published in April 2020, weeks after COVID-19 was declared a pandemic, explored the drastic boost in the sex tech industry. According to the research, <a href="https://www.dameproducts.com/" target="_blank" rel="noopener noreferrer">Dame Products</a> (a popular sex toy retailer) experienced a 30 percent increase in sales between the months of February to April, and popular sexual wellness brand <a href="https://unboundbabes.com/?utm_source=%7Bsource%7D&utm_medium=%7Bmedium%7D&utm_keyword=unbound%20babes&utm_matchtype=e&device=c&utm_campaign=%7Bcampaign%7D&utm_adgroup=%7Badgroup%7D&gclid=CjwKCAjw1v_0BRAkEiwALFkj5qYbdEwANUjCdRkCeVZ2HZzHjcGmpYbsOXYcMcNneLc2nySvrbaalBoChEsQAvD_BwE" target="_blank" rel="noopener noreferrer">Unbound</a> reported selling twice as many toys as normal in this period.</p><p>While the new coronavirus was crashing the economy in other ways, the sex tech industry was one of the few that actually saw improvements, likely due to people all over the world being advised, encouraged, and in some instances forced to stay at home.</p><p>Something similar happened in 2008, <a href="https://www.villagevoice.com/2010/08/23/the-great-recession-is-a-turn-on-for-the-sex-toy-industry/" target="_blank" rel="noopener noreferrer">during the recession</a>: the sex toy industry was one of the only industries at the time that didn't gravely suffer. </p><p><strong>The evolution of sex tech from stone dildos to artificial intelligence.</strong></p><p><a href="https://sofiagray.com/what-is-the-history-of-sex-toys-from-stone-to-silicone-and-beyond/" target="_blank" rel="noopener noreferrer">The history of sex toys</a> is quite interesting. A 28,000-year-old siltstone dildo was uncovered in Germany in 2005. Luxury bronze dildos have also been found in China that are at least 2,000 years old.</p><p>Aside from various materials being shaped into dildos, there has always been an interest in how to advance sex technology, even before it involved actual technology at all.</p><ul><li>The 1700s: Steam-powered vibrators (such as the Manipulator).</li><li>The 1800s—1900s: The invention of the first electric vibrator (the Pulsoson) and "beauty tools" being used for sexual satisfaction (such as the Polar Cub massager)</li><li>The 1920s—1940s: The introduction of hand-held massagers (the Andis Vibrator) and compact devices (such as the Oster Stim-U-Lax)</li><li>The 1940s—1960s: Japan introduced the "Cadillac of Vibrators" (The Hitachi Magic Wand), which eventually made it's way to America.</li><li>1965: The invention of silicone, which most modern sex toys are made of.</li><li>The 1980s—1990s: The invention of the rabbit-style vibrator, made more popular with one of the first showings of a sex toy on television ("Sex and the City"). </li><li>The 2000s: Visual porn website Pornhub launched and sex toys became increasingly popular. Erotic literature also became more common and popular, with "50 Shades of Grey" and others like it. </li><li>The 2010s and beyond: Sex toys and technology start to blend, and the world's first internet-controlled sex toy was launched in 2010 by Lovense.</li></ul><p>In 2016, "Harmony", <a href="https://www.youtube.com/watch?v=-cN8sJz50Ng" target="_blank" rel="noopener noreferrer">the world's first AI sex robot</a> was designed by a tech firm called Realbotix. </p>
From television shows to real-life applications, artificial intelligence (AI) is becoming more and more popular in all areas of human life.
Credit: Willyam Bradberry on Shutterstock<p>In 2020, more than one in five Americans (22 percent) say they would consider having sex with a robot. <a href="https://today.yougov.com/topics/science/articles-reports/2020/03/19/2020-both-men-and-women-are-more-likely-consider-h" target="_blank" rel="noopener noreferrer">YouGov conducted a study</a> in February 2020 that compared results from a similar study from 2017.<br></p><p>According to the results, 6 percent more people in 2020 are comfortable with the idea of having sex with a robot than in 2017.</p><p>YouGov points out that the increase in consideration is particularly significant among American adults between the ages of 18-34 years old. Additionally, how people feel about having sex with a robot has also changed. In 2020, 27 percent of Americans said they would consider it cheating if they had a partner who had sex with a robot during the relationship, compared to the 32 percent reported in 2017.</p><p><strong>"If you had a partner who had sex with a robot, would you consider it cheating?"</strong></p><p>The results from this interesting study also reveal that many people (42 percent) believe having sex with a robot is safer than having sex with a human stranger.</p><p>Robots (and robotic tech) already play a vital role in speeding up manufacturing, packaging, and processing across various industries. From television shows to real-life applications, artificial intelligence is becoming more and more popular in all areas of human life.</p><p>According to YouGov, "a <a href="https://www.bloomberg.com/news/articles/2019-07-12/amazon-plans-high-end-echo-ramps-up-work-on-alexa-home-robot" target="_blank">Bloomberg</a> report outlining Amazon's plans for an Alexa-powered robot that follows and helps you around the home may redefine how these machines service humans in the near future." </p>