Bank Quotes - page 27
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
Western social Darwinists, who include modernisation and development theorists and their kindred spirits (UN agencies, human rights organisations and activists, NGOs, the IMF, the World Bank, the US State Department, etc) would see the possible "advance" of the Arab world (as well as the rest of the "underdeveloped" world) toward a western-defined and sponsored modernity as part of a historical teleology wherein non-Europeans who are still at the stage of European childhood will eventually replicate European "progress" toward modern forms of organisation, sociality, economics, politics and sexual desires. What is emerging in the Arab (and the rest of the third) world is not some universal schema of the march of history but rather the imposition of these western modes by different forceful means and their adoption by third world elites, thus foreclosing and repressing myriad ways of movement and change and ensuring that only one way for transformation is made possible.
Joseph Massad