Once a week.
Subscribe to our weekly newsletter.
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?
How would the ability to genetically customize children change society? Sci-fi author Eugene Clark explores the future on our horizon in Volume I of the "Genetic Pressure" series.
- A new sci-fi book series called "Genetic Pressure" explores the scientific and moral implications of a world with a burgeoning designer baby industry.
- It's currently illegal to implant genetically edited human embryos in most nations, but designer babies may someday become widespread.
- While gene-editing technology could help humans eliminate genetic diseases, some in the scientific community fear it may also usher in a new era of eugenics.
Tribalism and discrimination<p>One question the "Genetic Pressure" series explores: What would tribalism and discrimination look like in a world with designer babies? As designer babies grow up, they could be noticeably different from other people, potentially being smarter, more attractive and healthier. This could breed resentment between the groups—as it does in the series.</p><p>"[Designer babies] slowly find that 'everyone else,' and even their own parents, becomes less and less tolerable," author Eugene Clark told Big Think. "Meanwhile, everyone else slowly feels threatened by the designer babies."</p><p>For example, one character in the series who was born a designer baby faces discrimination and harassment from "normal people"—they call her "soulless" and say she was "made in a factory," a "consumer product." </p><p>Would such divisions emerge in the real world? The answer may depend on who's able to afford designer baby services. If it's only the ultra-wealthy, then it's easy to imagine how being a designer baby could be seen by society as a kind of hyper-privilege, which designer babies would have to reckon with. </p><p>Even if people from all socioeconomic backgrounds can someday afford designer babies, people born designer babies may struggle with tough existential questions: Can they ever take full credit for things they achieve, or were they born with an unfair advantage? To what extent should they spend their lives helping the less fortunate? </p>
Sexuality dilemmas<p>Sexuality presents another set of thorny questions. If a designer baby industry someday allows people to optimize humans for attractiveness, designer babies could grow up to find themselves surrounded by ultra-attractive people. That may not sound like a big problem.</p><p>But consider that, if designer babies someday become the standard way to have children, there'd necessarily be a years-long gap in which only some people are having designer babies. Meanwhile, the rest of society would be having children the old-fashioned way. So, in terms of attractiveness, society could see increasingly apparent disparities in physical appearances between the two groups. "Normal people" could begin to seem increasingly ugly.</p><p>But ultra-attractive people who were born designer babies could face problems, too. One could be the loss of body image. </p><p>When designer babies grow up in the "Genetic Pressure" series, men look like all the other men, and women look like all the other women. This homogeneity of physical appearance occurs because parents of designer babies start following trends, all choosing similar traits for their children: tall, athletic build, olive skin, etc. </p><p>Sure, facial traits remain relatively unique, but everyone's more or less equally attractive. And this causes strange changes to sexual preferences.</p><p>"In a society of sexual equals, they start looking for other differentiators," he said, noting that violet-colored eyes become a rare trait that genetically engineered humans find especially attractive in the series.</p><p>But what about sexual relationships between genetically engineered humans and "normal" people? In the "Genetic Pressure" series, many "normal" people want to have kids with (or at least have sex with) genetically engineered humans. But a minority of engineered humans oppose breeding with "normal" people, and this leads to an ideology that considers engineered humans to be racially supreme. </p>
Regulating designer babies<p>On a policy level, there are many open questions about how governments might legislate a world with designer babies. But it's not totally new territory, considering the West's dark history of eugenics experiments.</p><p>In the 20th century, the U.S. conducted multiple eugenics programs, including immigration restrictions based on genetic inferiority and forced sterilizations. In 1927, for example, the Supreme Court ruled that forcibly sterilizing the mentally handicapped didn't violate the Constitution. Supreme Court Justice Oliver Wendall Holmes wrote, "… three generations of imbeciles are enough." </p><p>After the Holocaust, eugenics programs became increasingly taboo and regulated in the U.S. (though some states continued forced sterilizations <a href="https://www.uvm.edu/~lkaelber/eugenics/" target="_blank">into the 1970s</a>). In recent years, some policymakers and scientists have expressed concerns about how gene-editing technologies could reanimate the eugenics nightmares of the 20th century. </p><p>Currently, the U.S. doesn't explicitly ban human germline genetic editing on the federal level, but a combination of laws effectively render it <a href="https://academic.oup.com/jlb/advance-article/doi/10.1093/jlb/lsaa006/5841599#204481018" target="_blank" rel="noopener noreferrer">illegal to implant a genetically modified embryo</a>. Part of the reason is that scientists still aren't sure of the unintended consequences of new gene-editing technologies. </p><p>But there are also concerns that these technologies could usher in a new era of eugenics. After all, the function of a designer baby industry, like the one in the "Genetic Pressure" series, wouldn't necessarily be limited to eliminating genetic diseases; it could also work to increase the occurrence of "desirable" traits. </p><p>If the industry did that, it'd effectively signal that the <em>opposites of those traits are undesirable. </em>As the International Bioethics Committee <a href="https://academic.oup.com/jlb/advance-article/doi/10.1093/jlb/lsaa006/5841599#204481018" target="_blank" rel="noopener noreferrer">wrote</a>, this would "jeopardize the inherent and therefore equal dignity of all human beings and renew eugenics, disguised as the fulfillment of the wish for a better, improved life."</p><p><em>"Genetic Pressure Volume I: Baby Steps"</em><em> by Eugene Clark is <a href="http://bigth.ink/38VhJn3" target="_blank">available now.</a></em></p>
The father of all giant sea bugs was recently discovered off the coast of Java.
- A new species of isopod with a resemblance to a certain Sith lord was just discovered.
- It is the first known giant isopod from the Indian Ocean.
- The finding extends the list of giant isopods even further.
The ocean depths are home to many creatures that some consider to be unnatural.<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzU2NzY4My9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYxNTUwMzg0NX0.BTK3zVeXxoduyvXfsvp4QH40_9POsrgca_W5CQpjVtw/img.png?width=980" id="b6fb0" class="rm-shortcode" data-rm-shortcode-id="2739ec50d9f9a3bd0058f937b6d447ac" data-rm-shortcode-name="rebelmouse-image" data-width="1512" data-height="2224" />
What benefit does this find have for science? And is it as evil as it looks?<div class="rm-shortcode" data-media_id="7XqcvwWp" data-player_id="FvQKszTI" data-rm-shortcode-id="8506fcd195866131efb93525ae42dec4"> <div id="botr_7XqcvwWp_FvQKszTI_div" class="jwplayer-media" data-jwplayer-video-src="https://content.jwplatform.com/players/7XqcvwWp-FvQKszTI.js"> <img src="https://cdn.jwplayer.com/thumbs/7XqcvwWp-1920.jpg" class="jwplayer-media-preview" /> </div> <script src="https://content.jwplatform.com/players/7XqcvwWp-FvQKszTI.js"></script> </div> <p>The discovery of a new species is always a cause for celebration in zoology. That this is the discovery of an animal that inhabits the deeps of the sea, one of the least explored areas humans can get to, is the icing on the cake.</p><p>Helen Wong of the National University of Singapore, who co-authored the species' description, explained the importance of the discovery:</p><p>"The identification of this new species is an indication of just how little we know about the oceans. There is certainly more for us to explore in terms of biodiversity in the deep sea of our region." </p><p>The animal's visual similarity to Darth Vader is a result of its compound eyes and the curious shape of its <a href="https://lkcnhm.nus.edu.sg/research/sjades2018/" target="_blank" rel="noopener noreferrer dofollow" style="">head</a>. However, given the location of its discovery, the bottom of the remote seas, it may be associated with all manner of horrifically evil Elder Things and <a href="https://en.wikipedia.org/wiki/Cthulhu" target="_blank" rel="dofollow">Great Old Ones</a>. <em></em></p>
The newly discovered galaxies are 62x bigger than the Milky Way.
- Two recently discovered radio galaxies are among the largest objects in the cosmos.
- The discovery implies that radio galaxies are more common than previously thought.
- The discovery was made while creating a radio map of the sky with a small part of a new radio array.
An extremely active galaxy<p> <br> </p><p>Radio galaxies are galaxies with extremely active central regions, known as nuclei, which shine incredibly brightly in some part of the electromagnetic spectrum. They are known for emitting large jets of ionized matter into intergalactic space at speeds approaching that of light. They are related to quasars and blazars. It is thought that supermassive black holes are the energy source that make these galaxies shine so brightly. </p><p>What makes these two galaxies (known as MGTC J095959.63+024608.6 and MGTC J100016.84+015133.0) so interesting is their size. Only 831 similar, "giant radio galaxies" are known to exist. As study co-author Dr. Matthew Prescott explains, these are particularly large even for <a href="https://www.forbes.com/sites/jamiecartereurope/2021/01/18/we-just-found-two-mysterious-galaxies-62-times-bigger-than-our-milky-way-say-scientists/?sh=76edf29c2892" target="_blank" rel="noopener noreferrer">giants</a>:</p><p>"These two galaxies are special because they are amongst the largest giants known, and in the top 10 percent of all giant radio galaxies. They are more than two mega-parsecs across, which is around 6.5 million light-years or about 62 times the size of the Milky Way. Yet they are fainter than others of the same size."</p><p>The smaller of the two is just over two megaparsecs across, roughly six and a half million light-years. The larger is almost another half megaparsec larger than <a href="http://www.sci-news.com/astronomy/giant-radio-galaxies-09266.html" target="_blank">that</a>. <br></p><p>Exactly how these things get to be so massive remains a mystery. Some have proposed that they are ejecting matter into unusually empty space, allowing for the jet to expand further, though some evidence contradicts this. The most commonly suggested idea is that they are simply much, much older than the previously observed radio galaxies, allowing more time for expansion to occur.</p>
How does this change our understanding of the universe?<p> While exciting and impressive on their own, the findings also suggest that there are very many more of these giant galaxies than previously supposed. If you were going off the previous estimates for how typical these galaxies are, then the odds of finding these two would be 1 in 2.7×10<sup>6. </sup>This suggests that there must be more, given that the alternative is that the scientists were impossibly lucky. </p><p> In the study, the researchers also apply this reasoning to smaller versions of these galaxies, saying:</p><p> "While our analysis has considered only enormous (>2 Mpc) objects, if radio galaxies must grow to reach this size, then we may expect to similarly uncover in our data previously undetected GRGs with smaller sizes."</p><p> Exactly how common radio galaxies and turn out to be remains to be seen. Still, it will undoubtedly be an exciting time for radio astronomy as new telescopes are turned skywards to search for them.</p>
How did they find them?<iframe width="730" height="430" src="https://www.youtube.com/embed/c1ZW3nVfe5A" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe><p> The new galaxies were discovered by the amusingly named <a href="https://www.sarao.ac.za/gallery/meerkat/" target="_blank" rel="noopener noreferrer">MeerKAT</a> radio telescope in South Africa during the creation of a new radio map of the sky. The MeerKAT is the first of what will soon be the <a href="https://en.wikipedia.org/wiki/Square_Kilometre_Array" target="_blank" rel="noopener noreferrer">Square Kilometre Array</a> of telescopes, which will span several countries in the southern hemisphere and make even more impressive discoveries in radio astronomy possible. </p>
Daydreaming can be a pleasant pastime, but people who suffer from maladaptive daydreamers are trapped by their fantasies.
Maladaptive daydreaming<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNTUwMjgyMy9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0OTUxNzc3Nn0.yVIUGnZl6VnJhfevESkBpb1TEvwKrHcLtobwNJV55HI/img.jpg?width=1245&coordinates=0%2C63%2C0%2C63&height=700" id="713cf" class="rm-shortcode" data-rm-shortcode-id="e2d24a66284b3aa58ad16b66c135dc9d" data-rm-shortcode-name="rebelmouse-image" data-width="1245" data-height="700" />
One maladaptive dreamer spent hours a day dreaming he was a powerful man who could solve the world's problems.
(Photo: Pixabay)<p>Daydreaming is an indulgence of the mind and imagination, one provided courtesy of the <a href="https://www.sciencedirect.com/topics/neuroscience/default-mode-network#:~:text=The%20default%20mode%20network%20(DMN,and%20Exercise%20Psychology%20Research%2C%202016" target="_blank">default mode network</a>, a network of interacting brain regions that is active even when the conscious mind is not. But like so many of life's indulgences—wine, steak dinners, video games, and even <a href="https://www.healthline.com/health-news/why-too-much-exercise-can-be-bad-042514" target="_blank">exercise</a>—too much daydreaming can be harmful to our well-being. When daydreaming crosses that threshold, it can be considered maladaptive.</p><p>This disorder was first identified by <a href="https://haifa.academia.edu/EliSomer" target="_blank">Eli Somer</a>, a professor of clinical psychology at the University of Haifa, School of Social Work, in <a href="https://link.springer.com/article/10.1023/A:1020597026919" target="_blank" rel="noopener noreferrer">a 2002 paper</a>. That paper looked to six patients in a trauma center whose daydreaming habits replaced human interactions or interfered with their standard life functions, such as going to school or holding down a job. </p><p>Since then, other case studies have looked at <a href="https://www.healthline.com/health/mental-health/maladaptive-daydreaming#:~:text=Maladaptive%20daydreaming%20is%20a%20psychiatric,life%20events%20trigger%20day%20dreams." target="_blank" rel="noopener noreferrer">maladaptive daydreamers</a> and compiled a list of potential symptoms. These include vivid, richly-detailed daydreams; abnormally long daydreaming sessions; daydreams triggered by real-life events; daydreaming sessions that interrupt sleep; and repetitive motions or whisperings while daydreaming. On average, one study reported, maladaptive daydreamers spend <a href="https://bigthink.com/bps-research-digest/people-with-maladaptive-daydreaming-spend-an-average-of-four-hours-a-day-lost-in-their-imagination" target="_self">four hours a day</a> housed in their imaginations.</p><p>"This is not like rehearsing a conversation that you might have with a boss," <a href="https://www.cnn.com/2016/12/30/health/maladaptive-daydreaming-feature/index.html" target="_blank" rel="noopener noreferrer">Somer told CNN</a>. "This is fanciful, weaving of stories. It produces an intense sense of presence."</p><p>While such symptoms are common, though not comprehensive or guaranteed, how maladaptive daydreams manifest are naturally individual to the dreamers. <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6426361/" target="_blank" rel="noopener noreferrer">In one case study</a>, researchers analyzed the diary of a man codenamed "Peter." Peter described investing as many as 14 hours a day online. The news and images he happened upon would trigger related fantasies. For example, he may envision himself as a multimillionaire genius who could prevent bad news from occurring or self-insert himself into the power fantasies of superhero movies or police procedurals for hours at a time.</p><p>"When I felt this pain as a child, I started imagining how things could be different. I created stories which never happened. To suppress that pain I would hug my pillow or quilt, thinking I was being comforted by someone else," Peter wrote.</p><p>In an interview with CNN, Cordellia Rose described her maladaptive daydreaming like a drug and noted that her daydreams developed into intricate storylines that could last for years. These stories proved so distracted that she was unable to complete everyday tasks such as driving lessons.</p><p>"You get hooked on it, because it can be like an action movie in your head that's so gripping that you cannot turn off," Rose told CNN. "This [condition] needs to be public, because these are people suffering, and badly."</p><p>To be clear, maladaptive dreaming is not a <a href="https://www.webmd.com/schizophrenia/guide/what-is-psychosis#1" target="_blank" rel="noopener noreferrer">psychotic disorder</a> like schizophrenia. Daydreamers such as Peter and Rose are aware that their fantasies are as unreal as they may be unrealistic. Because of this, many maladaptive dreamers understand the difficulties they face and the real-life losses they have endured for the sake of their fantasies. </p>