“Corporations are properly associated with mercantilism, rather than capitalism. Mercantilism is a system under which government grants special status to one or more company at the expense of its competitors. The British East India Company, for example, possessed an exclusive, royally-granted 'right' to conduct trade between India and China, on the one hand, and the British Empire for more than 250 years.
Private capitalism, by contrast, is a system under which various enterprises compete in the marketplace by offering the highest quality goods and services they can, at the lowest possible prices. Progress occurs as individuals and companies strive to raise quality and lower prices.”

— L. Neil Smith

"Corporations, Mercantilism, and Capitalism," http://www.ncc-1776.org/tle2010/tle576-20100627-02.html 27 June 2010.

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L. Neil Smith 99

American writer 1946

Muhammad Asad (1900–1992) Austro-Hungarian writer and academic

Source: This Law of Ours and Other Essays (1987), Chapter: Calling All Muslims, Radio Broadcast # 6, p 112

“More than 20 years earlier a small band of Hindu students and thoughtful gentlemen used to meet secretly to discuss the effects of British rule in India. The home charges and the transfer of capital from India to England in various shapes, and the exclusion of the children of the country from any share or voice in the administration of their own country, formed the chief burden of their complaint.”

Dadabhai Naoroji (1825–1917) Indian politician

As the theoretician of the "Drain Theory", he explained in his lecture delivered at the East Indian Association, London on 2 May 1867 in Forerunners of Dadabhai Naoroji’s Drain Theory, 3 December 2013, Jstor Organization http://www.jstor.org/discover/10.2307/4411389?uid=3738256&uid=2129&uid=2&uid=70&uid=4&sid=21103047963541,
Drain Theory

“Other common names for fascism are 'crony capitalism', 'state capitalism', 'corporate socialism' and 'mercantilism'. Sometimes members of the mercantile class become partners with the state and, in certain circumstances, even end up controlling it. The whole thing looks like a different system than ordinary socialism until you apply the ethical definition. What's more important in a fascist society, the needs and wants of the group, or the rights of the individual? As Mr. Spock once famously observed (in the original James Blish novel Spock Must Die), 'a difference that makes no difference is no difference.”

L. Neil Smith (1946) American writer

"To Reduce Them Under Absolute Despotism".

“The practice of creating chartered joint-stock companies of a modern type seems to have begun at the commencement of the seventeenth century; and the formation of the East India Company is one of the earliest, if not the very earliest, examples. At first, it appears, the 'joint stock' of the company was separately made up for each ship; perhaps for each voyage. But, in the year 1612 the Company made the momentous resolve to have one joint stock for the whole of its affairs, and thus inaugurated a new epoch. The East India Company, or Companies, (for there were two of them), were followed by the Hudson's Bay Company (1670), the existence of which was recognized by statute in 1707, and by the Bank of England and the notorious South Sea Company.”

Edward Jenks (1861–1939) British legal scholar

Source: A Short History Of The English Law (First Edition) (1912), Chapter XVI, New Forms Of Personal Property, p. 287

“The British arrived with no intention of conquest: the East India Company had set up trading posts on the western seaboard, and its officers were called on by the native sultans to help with the putting down of rapacious river barons. The parallel with India is exact, and Stamford Raffles is a perfect analogue of Robert Clive. First came trade, then the amateur protective army, finally the flag….”

Anthony Burgess (1917–1993) English writer

Non-Fiction, Homage to QWERT YUIOP: Selected Journalism 1978-1985 (1986)

“On a purely intellectual level, how does allowing China to constantly rig trade in its favor advance the core conservative goal of making markets more efficient? Markets do not run better when manufacturing shifts to China largely because of the actions of its government. Nor do they become more efficient when Chinese companies are given special privileges in global markets, while American companies must struggle to compete with unfairly traded goods.”

Robert Lighthizer (1947) US Trade Representative

LIGHTHIZER: Donald Trump is no liberal on trade http://www.washingtontimes.com/news/2011/may/9/donald-trump-is-no-liberal-on-trade/ (May 9, 2011)

“Over the past decade, I have watched more than 100 companies try to remake themselves into significantly better competitors. They have included large organizations (Ford) and small ones (Landmark Communications), companies based in the United States (General Motors) and elsewhere (British Airways), corporations that were on their knees (Eastern Airlines), and companies that were earning good money ((Bristol-Myers Squibb). Their efforts have gone under many banners: total quality management, reengineering, right-sizing, restructuring, cultural change, and turnarounds. But, in almost every case, the basic goal has been the same: to make fundamental changes in how business is conducted in order to help cope with a new, more challenging market environment.”

John P. Kotter (1947) author of The heart of Change

John P. Kotter, "Leading change: Why transformation efforts fail." in: Harvard Business Review. March-April 1995. p. 59.

“It is generally conceded that mercantile capitalism preceded and prepared the ground for modern industrial capitalism.”

Eric Roll, Baron Roll of Ipsden (1907–2005) British economist

Source: A History of Economic Thought (1939), Chapter II, Commercial Capitalism and its Theory, p. 65

“Capitalism is a system in which the central institutions of society are in principle under autocratic control.”

Noam Chomsky (1928) american linguist, philosopher and activist

" One Man's View : Noam Chomsky interviewed by an anonymous interviewer http://www.chomsky.info/interviews/197305--.htm," Business Today, May 1973.
Quotes 1960s-1980s, 1970s
Context: Personally I'm in favor of democracy, which means that the central institutions in the society have to be under popular control. Now, under capitalism we can't have democracy by definition. Capitalism is a system in which the central institutions of society are in principle under autocratic control. Thus, a corporation or an industry is, if we were to think of it in political terms, fascist; that is, it has tight control at the top and strict obedience has to be established at every level -- there's a little bargaining, a little give and take, but the line of authority is perfectly straightforward. Just as I'm opposed to political fascism, I'm opposed to economic fascism. I think that until major institutions of society are under the popular control of participants and communities, it's pointless to talk about democracy.

“In its literal meaning, capitalism means rule by capital, more specifically rule by the owners of capital for their exclusive private benefit.”

David Korten book When Corporations Rule the World

Source: When Corporations Rule the World (1995,2015), p. 20

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