The Nawab was angry with the Company for skirting taxes. When China cracked down on the opium trade, the British government sent warships, triggering the Opium War of Erikson says that ultimately, the death of the East India Company in the s was less about moral outrage over corporate corruption of which there was plenty , but more about English politicians and businessmen realizing that they could make even more money trading with partners who were on a stronger economic footing, not captive patrons of a corporate state.
Even though the East India Company dissolved more than a century ago, its influence as a ruthless corporate pioneer has shaped the way modern business is conducted in a global economy. They transitioned into a modern industrial force and exported their vision of production and governance to the rest of the world, including North America.
But if you see something that doesn't look right, click here to contact us! Twice a week we compile our most fascinating features and deliver them straight to you. Live TV. This Day In History. History Vault. This was intended to improve both the lustre of its public image and the efficiency of its revenue-extracting machine.
After the acquittal of Hastings and the implementation of the Cornwallis reforms, the company attempted to rehabilitate its reputation. It aimed to reposition itself as a benevolent and legitimate ruler that extended the limits of civil society and brought both security of property and impartiality of justice to India. However, the actual impact of its activities on local economies and societies was often very different. The first half of the 19th century was marked by economic depression in India.
Excessive land tax demands and lack of investment stunted agricultural development, while traditional industries such as textiles were decimated by the import of cheap manufactured goods. Rather, these issues remained close to the surface of British public debate. Nor did the Indian population simply meekly acquiesce to East India Company dominance. Watch it now, on Wondrium.
But it was not just commodities or rituals that underwent globalization. Some of the people who worked for the EIC, known as servants, lived globalized lives, too. One of the most successful servants was Elihu Yale who was born in Boston, America. The famous Yale College was named after him as a tribute to his donations to the college.
He moved up the corporate ladder and finally became the governor of Madras, India. Another example is John Stewart, a. He may be little known to many people, but he was very famous at the time.
He was an Englishman sent to Madras in to work as a humble writer. After two years, he decided to go back home after a row with his bosses. But he took an unorthodox route to England. Instead of voyages or taking normal means of transport, he decided to go home on foot.
During his adventure, he passed though different countries including Persia, Turkey, Ethiopia before reaching North Africa, Europe, and finally London. These walking journeys provided a great atmosphere for him to develop his peculiar philosophy. He believed in a fluid identity for human beings. It is constantly being shaped and reshaped and everything is connected to other things in one way or another.
He turned to vegetarianism and mysticism. According to an urban legend in London, he was able to be present in different places simultaneously. Unfortunately Britain was on the gold standard at the time, and had to import silver from continental Europe, making the whole tea trade financially unviable. It rented them from private companies, many of which were based at Blackwall in East London.
In short, through illegal drugs! The Company started encouraging opium production in its Indian territories, which it then gave to private merchants heavily taxed, of course to be sold to China. Unfortunately this broke Chinese law, although it was tolerated by the authorities for a good 50 years until the trade balance fell to such a point that the Chinese could not afford to let it continue.
This came to a head in when the Chinese demanded that all opium stock be handed over to its government for destruction. This ultimately led to the Opium Wars. At the same time as the Opium Wars, the Company started witnessing an increasing amount of rebellion and insurgence from its Indian territories.
In retaliation for this uprising, the Company killed thousands of Indians, both rebel combatants as well as a large number of civilians perceived to be sympathetic to the uprising. This was the Indian Rebellion of In the wake of this bloody uprising, the British government effectively abolished the Company in
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