Import Export Business Quotes

I think Jay is in import and export business as his cards say, but he finally found that the second most valuable commodity today is information." "And?" "The most valuable?" "People with information," I suggested.

I certainly don’t like the idea of missionaries. In fact, the whole business fills me with fear and alarm. I don’t believe in God, or at least not in the one we’ve invented for ourselves in England to fulfill our peculiarly English needs, and certainly not in the ones they’ve invented in America, who supply their servants with toupees, television stations, and, most important, toll-free telephone numbers. I wish that people who did believe in such things would keep them to themselves and not export them to the developing world.

I don’t like the idea of missionaries. In fact the whole business fills me with fear and alarm. I don’t believe in God, or at least not in the one we’ve invented for ourselves in England to fulfil our peculiarly English needs, and certainly not in the ones they’ve invented in America who supply their servants with toupees, television stations and, most importantly, toll-free telephone numbers. I wish that people who did believe in such things would keep them to themselves and not export them to the developing world.

Look at the evolution of the price of a kilogram of the drug, as it makes its way from the Andes to Los Angeles. To make that much cocaine, one needs somewhere in the neighborhood of 350 kilograms of dried coca leaves. Based on price data from Colombia obtained by Gallego and Rico, that would cost about $385. Once this is converted into a kilo of cocaine, it can sell in Colombia for $800. According to figures pulled together by Beau Kilmer and Peter Reuter at the RAND Corporation, an American think tank, that same kilo is worth $2,200 by the time it is exported from Colombia, and it has climbed to $14,500 by the time it is imported to the United States. After being transferred to a midlevel dealer, its price climbs to $19,500. Finally, it is sold by street-level dealers for $78,000.10 Even these soaring figures do not quite get across the scale of the markups involved in the cocaine business. At each of these stages, the drug is diluted, as traffickers and dealers “cut” the drug with other substances, to make it go further. Take this into account, and the price of a pure kilogram of cocaine at the retail end is in fact about $122,000.

And yet how can their business compare in importance to ours? If you could see them at Rome, you would find that they do nothing all day but vote on a resolution, then huddle together a while to deliberate about grain, land or some other means to make a living. [10] Is it the same thing to receive a petition that reads, ‘Please allow me to export a bit of grain,’ and ‘Please learn from Chrysippus how the universe is governed, and what place the rational creature has in it; find out, too, who you are, and what constitutes your good and your evil’?

Being a business buff, I knew that Japanese cameras had made deep cuts into the camera market, which had once been dominated by Germans. Thus, I argued in my paper that Japanese running shoes might do the same thing. The idea interested me, then inspired me, then captivated me. It seemed so obvious, so simple, so potentially huge. I’d spent weeks and weeks on that paper. I’d moved into the library, devoured everything I could find about importing and exporting, about starting a company. Finally, as required, I’d given a formal presentation of the paper to my classmates, who reacted with formal boredom. Not one asked a single question. They greeted my passion and intensity with labored sighs and vacant stares. The professor thought my Crazy Idea had merit: He gave me an A.

Well, this was predictable. House Republicans last week acceded to an extension of the Export-Import Bank for at least the next nine months. The Export-Import Bank is far from the worst example of government-business cronyism. I just completed a history of American political corruption and actually had to leave Ex-Im on the cutting room floor. Its cronies are pikers compared with the corporate moguls that take advantage of tax preferences like the G.E. and Apple loopholes. They also cannot hold a candle to the American Medical Association, which is basically free to write the reimbursement rates for Medicare Part B. And nothing compares to Fannie Mae and Freddie Mac from 1991-2008. The two mortgage giants kept the entire D.C. political class bent over a barrel for almost 20 years as its top executives reaped enormous bonuses while putting the broader economy at risk.

This neo-liberal establishment would have us believe that, during its miracle years between the 1960s and the 1980s, Korea pursued a neo-liberal economic development strategy. The reality, however, was very different indeed. What Korea actually did during these decades was to nurture certain new industries, selected by the government in consultation with the private sector, through tariff protection, subsidies and other forms of government support (e.g., overseas marketing information services provided by the state export agency) until they 'grew up' enough to withstand international competition. The government owned all the banks, so it could direct the life blood of business-credit. Some big projects were undertaken directly by state-owned enterprises-the steel maker, POSCO, being the best example-although the country had a pragmatic, rather than ideological, attitude to the issue of state ownership. If private enterprises worked well, that was fine; if they did not invest in important areas, the government had no qualms about setting up state-owned enterprises (SOEs); and if some private enterprises were mismanaged, the government often took them over, restructured them, and usually (but not always) sold them off again.

some small counting house on the coast, in some Salem harbor, will be fixture enough. You will export such articles as the country affords, purely native products, much ice and pine timber and a little granite, always in native bottoms. These will be good ventures. To oversee all the details yourself in person; to be at once pilot and captain, and owner and underwriter; to buy and sell and keep the accounts; to read every letter received, and write or read every letter sent; to superintend the discharge of imports night and day; to be upon many parts of the coast almost at the same time—often the richest freight will be discharged upon a Jersey shore;—to be your own telegraph, unweariedly sweeping the horizon, speaking all passing vessels bound coastwise; to keep up a steady despatch of commodities, for the supply of such a distant and exorbitant market; to keep yourself informed of the state of the markets, prospects of war and peace everywhere, and anticipate the tendencies of trade and civilization—taking advantage of the results of all exploring expeditions, using new passages and all improvements in navigation;—charts to be studied, the position of reefs and new lights and buoys to be ascertained, and ever, and ever, the logarithmic tables to be corrected, for by the error of some calculator the vessel often splits upon a rock that should have reached a friendly pier—there is the untold fate of La Prouse;—universal science to be kept pace with, studying the lives of all great discoverers and navigators, great adventurers and merchants, from Hanno and the Phoenicians down to our day; in fine, account of stock to be taken from time to time, to know how you stand. It is a labor to task the faculties of a man—such problems of profit and loss, of interest, of tare and tret, and gauging of all kinds in it, as demand a universal knowledge. I have thought that Walden Pond would be a good place for business, not solely on account of the railroad and the ice trade; it offers advantages which it may not be good policy to divulge; it is a good port and a good foundation. No Neva marshes to be filled; though you must everywhere build on piles of your own driving. It is said that a flood-tide, with a westerly wind, and ice in the Neva, would sweep St. Petersburg from the face of the earth. As this business was to be entered into without the usual capital, it may not be easy to conjecture where those means, that will still be indispensable to every such undertaking, were to be obtained.

In opting for large scale, Korean state planners got much of what they bargained for. Korean companies today compete globally with the Americans and Japanese in highly capital-intensive sectors like semiconductors, aerospace, consumer electronics, and automobiles, where they are far ahead of most Taiwanese or Hong Kong companies. Unlike Southeast Asia, the Koreans have moved into these sectors not primarily through joint ventures where the foreign partner has provided a turnkey assembly plant but through their own indigenous organizations. So successful have the Koreans been that many Japanese companies feel relentlessly dogged by Korean competitors in areas like semiconductors and steel. The chief advantage that large-scale chaebol organizations would appear to provide is the ability of the group to enter new industries and to ramp up to efficient production quickly through the exploitation of economies of scope.70 Does this mean, then, that cultural factors like social capital and spontaneous sociability are not, in the end, all that important, since a state can intervene to fill the gap left by culture? The answer is no, for several reasons. In the first place, not every state is culturally competent to run as effective an industrial policy as Korea is. The massive subsidies and benefits handed out to Korean corporations over the years could instead have led to enormous abuse, corruption, and misallocation of investment funds. Had President Park and his economic bureaucrats been subject to political pressures to do what was expedient rather than what they believed was economically beneficial, if they had not been as export oriented, or if they had simply been more consumption oriented and corrupt, Korea today would probably look much more like the Philippines. The Korean economic and political scene was in fact closer to that of the Philippines under Syngman Rhee in the 1950s. Park Chung Hee, for all his faults, led a disciplined and spartan personal lifestyle and had a clear vision of where he wanted the country to go economically. He played favorites and tolerated a considerable degree of corruption, but all within reasonable bounds by the standards of other developing countries. He did not waste money personally and kept the business elite from putting their resources into Swiss villas and long vacations on the Riviera.71 Park was a dictator who established a nasty authoritarian political system, but as an economic leader he did much better. The same power over the economy in different hands could have led to disaster. There are other economic drawbacks to state promotion of large-scale industry. The most common critique made by market-oriented economists is that because the investment was government rather than market driven, South Korea has acquired a series of white elephant industries such as shipbuilding, petrochemicals, and heavy manufacturing. In an age that rewards downsizing and nimbleness, the Koreans have created a series of centralized and inflexible corporations that will gradually lose their low-wage competitive edge. Some cite Taiwan’s somewhat higher overall rate of economic growth in the postwar period as evidence of the superior efficiency of a smaller, more competitive industrial structure.

New Economic Policy Since the announcement of the New Economic Policy (NEP) by the Government in July 1991, several important legislative and administrative policy changes have been brought about, which have had an enormous bearing on the economy. The NEP is very clear in its intent to dismantle control on business, make Indian industries globally competitive, move away from am import substitution regime to an export led growth oriented regime and welcome foreign equity investments to meet the growing demands of technology, products, and capital.

Leveraging the same technology, unconventional “light tight oil” production is growing at an even faster rate than shale gas. The United States is now producing more than 2 million barrels a day and adding 75,000 barrels per day to production each month. This is on top of the 6 million barrels per day of current oil production. The United States is on a path potentially to pass Saudi Arabia as the world’s largest oil producer within a decade and is now exporting refined petroleum products for the first time since World War II. Rather than import natural gas, the United States is on pace to export 10 billion cubic feet each day—at a value of some $15 billion a year. On

Canadian mining companies have been the main beneficiaries of the World Bank’s push to promote capitalist mineral extraction in Africa. But in their quest for profits Canadian businesses have squeezed out domestic miners and solidified the colonial economic pattern whereby foreigners export the continent’s raw materials while African countries import value added products.

Much ink has been spilled over whether fascism represented an emergency form of capitalism, a mechanism devised by capitalists by which the fascist state—their agent—disciplined the workforce in a way no traditional dictatorship could do. Today it is quite clear that businessmen often objected to specific aspects of fascist economic policies, sometimes with success. But fascist economic policy responded to political priorities, and not to economic rationale. Both Mussolini and Hitler tended to think that economics was amenable to a ruler’s will. Mussolini returned to the gold standard and revalued the lira at 90 to the British pound in December 1927 for reasons of national prestige, and over the objections of his own finance minister. Fascism was not the first choice of most businessmen, but most of them preferred it to the alternatives that seemed likely in the special conditions of 1922 and 1933—socialism or a dysfunctional market system. So they mostly acquiesced in the formation of a fascist regime and accommodated to its requirements of removing Jews from management and accepting onerous economic controls. In time, most German and Italian businessmen adapted well to working with fascist regimes, at least those gratified by the fruits of rearmament and labor discipline and the considerable role given to them in economic management. Mussolini’s famous corporatist economic organization, in particular, was run in practice by leading businessmen. Peter Hayes puts it succinctly: the Nazi regime and business had “converging but not identical interests.” Areas of agreement included disciplining workers, lucrative armaments contracts, and job-creation stimuli. Important areas of conflict involved government economic controls, limits on trade, and the high cost of autarky—the economic self-sufficiency by which the Nazis hoped to overcome the shortages that had lost Germany World War I. Autarky required costly substitutes—Ersatz— for such previously imported products as oil and rubber. Economic controls damaged smaller companies and those not involved in rearmament. Limits on trade created problems for companies that had formerly derived important profits from exports. The great chemical combine I. G. Farben is an excellent example: before 1933, Farben had prospered in international trade. After 1933, the company’s directors adapted to the regime’s autarky and learned to prosper mightily as the suppliers of German rearmament. The best example of the expense of import substitution was the Hermann Goering Werke, set up to make steel from the inferior ores and brown coal of Silesia. The steel manufacturers were forced to help finance this operation, to which they raised vigorous objections.

Colonial Policy and Practice: A Comparative Study of Burma and Netherlands India by J. S. Furnivall Quoting page 85-87: Lower Burma when first occupied … was a vast deltaic plain of swamp and jungle, with a secure rainfall; when the opening of the canal created a market for rice, this wide expanse of land was rapidly reclaimed by small cultivators … Formerly, the villager in Lower Burma, like peasants in general, cultivated primarily for home consumption, and it has always been the express policy of the Government to encourage peasant proprietorship. Land in the delta was abundant … The opening of the canal provided a certain and profitable market for as much rice as people could grow. … men from Upper Burma crowded down to join in the scramble for land. In two or three years a labourer could save out of his wages enough money to buy cattle and make a start on a modest scale as a landowner. … The land had to be cleared rapidly and hired labour was needed to fell the heavy jungle. In these circumstances newly reclaimed land did not pay the cost of cultivation, and there was a general demand for capital. Burmans, however, lacked the necessary funds, and had no access to capital. They did not know English or English banking methods, and English bankers knew nothing of Burmans or cultivation. … in the ports there were Indian moneylenders of the chettyar caste, amply provided with capital and long accustomed to dealing with European banks in India. About 1880 they began to send out agents into the villages, and supplied the people with all the necessary capital, usually at reasonable rates and, with some qualifications, on sound business principles. … now the chettyars readily supplied the cultivators with all the money that they needed, and with more than all they needed. On business principles the money lender preferred large transactions, and would advance not merely what the cultivator might require but as much as the security would stand. Naturally, the cultivator took all that he could get, and spent the surplus on imported goods. The working of economic forces pressed money on the cultivator; to his own discomfiture, but to the profit of the moneylenders, of European exporters who could ensure supplies by giving out advances, of European importers whose cotton goods and other wares the cultivator could purchase with the surplus of his borrowings, and of the banks which financed the whole economic structure. But at the first reverse, with any failure of the crop, the death of cattle, the illness of the cultivator, or a fall of prices, due either to fluctuations in world prices or to manipulation of the market by the merchants, the cultivator was sold up, and the land passed to the moneylender, who found some other thrifty labourer to take it, leaving part of the purchase price on mortgage, and with two or three years the process was repeated. … As time went on, the purchasers came more and more to be men who looked to making a livelihood from rent, or who wished to make certain of supplies of paddy for their business. … Others also, merchants and shopkeepers, bought land, because they had no other investment for their profits. These trading classes were mainly townsfolk, and for the most part Indians or Chinese. Thus, there was a steady growth of absentee ownership, with the land passing into the hands of foreigners. Usually, however, as soon as one cultivator went bankrupt, his land was taken over by another cultivator, who in turn lost with two or three years his land and cattle and all that he had saved. [By the 1930s] it appeared that practically half the land in Lower Burma was owned by absentees, and in the chief rice-producing districts from two-thirds to nearly three-quarters. … The policy of conserving a peasant proprietary was of no avail against the hard reality of economic forces…

The most important are the following: • Open account • Documents against acceptance • Documents against payment • Letter of credit • Payment in advance These

A handsome, cosmopolitan forty-three-year-old, Gebhardt had been a decorated World War I flying ace, serving in the squadron of Manfred von Richthofen, the legendary “Red Baron.” Following the war, he had earned his doctorate degree in political economy from Frankfurt University with a dissertation on “The International Trade in Machinery.” After a brief teaching stint, he had gone into business, earning a fortune in the automobile and locomotive industries before establishing a highly successful import-export firm that specialized in “exchanging German raw material for American commodities.” Charming, cultured, fluent in several languages, he also harbored political ambitions and had hopes of being named German ambassador to the United States—a fair expectation, given his close friendship with high Nazi officials, particularly Hermann Göring, a fellow Richthofen pilot during the Great War.9

The leader of the Drexel refugees was Leon Black, a husky, brash, Dartmouth and Harvard Business School graduate in his 30s who was running the Drexel merger group out of New York. Black was a native New Yorker born into privilege. But his world shattered in 1975 when his father, Eli Black, then the chief executive of Chiquita banana importer United Brands, leaped to his death from his office in the Pan Am building above Grand Central Terminal. In the days after his death, United Brands was discovered to have made millions in bribes to Honduran officials in order to reduce taxes on banana exports.

New collaborations allow creators “to take ideas that are conventions in one area and bring them into a new area, where they’re suddenly seen as invention,” said sociologist Brian Uzzi, Amaral’s collaborator. Human creativity, he said, is basically an “import/export business of ideas.” Uzzi documented an import/export trend that began in both the physical and social sciences in the 1970s, pre-internet: more successful teams tended to have more far-flung members. Teams that included members from different institutions were more likely to be successful than those that did not, and teams that included members based in different countries had an advantage as well.

The Sumitomo Group was also involved in the import-export business and opened up a silk business.

Instead, she is a master of strategic oversight. She selects excellent people and delegates power and authority to them. This is not to say that she pays no attention to the business. She reviews summaries and results and expertly identifies what needs to be addressed before it becomes a problem. This combined with unannounced, detailed, and seemingly random spot checks ensures that the fortunes of Carrisford & Crewe are not harmed by incompetence or corruption. And there are a number of fortunes. Built on her father’s initial (fabulously lucrative) investment in diamond mines, the company has expanded under Mrs. Carmichael’s leadership to include a variety of interests around the globe, including real estate, shipping, and manufacturing. It is far more diverse than our own import/export business and, accordingly, even more complex.

Where does the word cocktail come from? There are many answers to that question, and none is really satisfactory. One particular favorite story of mine, though, comes from The Booze Reader: A Soggy Saga of a Man in His Cups, by George Bishop: “The word itself stems from the English cock-tail which, in the middle 1800s, referred to a woman of easy virtue who was considered desirable but impure. The word was imported by expatriate Englishmen and applied derogatorily to the newly acquired American habit of bastardizing good British Gin with foreign matter, including ice. The disappearance of the hyphen coincided with the general acceptance of the word and its re-exportation back to England in its present meaning.” Of course, this can’t be true since the word was applied to a drink before the middle 1800s, but it’s entertaining nonetheless, and the definition of “desirable but impure” fits cocktails to a tee. A delightful story, published in 1936 in the Bartender, a British publication, details how English sailors of “many years ago” were served mixed drinks in a Mexican tavern. The drinks were stirred with “the fine, slender and smooth root of a plant which owing to its shape was called Cola de Gallo, which in English means ‘Cock’s tail.’ ” The story goes on to say that the sailors made the name popular in England, and from there the word made its way to America. Another Mexican tale about the etymology of cocktail—again, dated “many years ago”—concerns Xoc-tl (transliterated as Xochitl and Coctel in different accounts), the daughter of a Mexican king, who served drinks to visiting American officers. The Americans honored her by calling the drinks cocktails—the closest they could come to pronouncing her name. And one more south-of-the-border explanation for the word can be found in Made in America, by Bill Bryson, who explains that in the Krio language, spoken in Sierra Leone, a scorpion is called a kaktel. Could it be that the sting in the cocktail is related to the sting in the scorpion’s tail? It’s doubtful at best. One of the most popular tales told about the first drinks known as cocktails concerns a tavernkeeper by the name of Betsy Flanagan, who in 1779 served French soldiers drinks garnished with feathers she had plucked from a neighbor’s roosters. The soldiers toasted her by shouting, “Vive le cocktail!” William Grimes, however, points out in his book Straight Up or On the Rocks: A Cultural History of American Drink that Flanagan was a fictional character who appeared in The Spy, by James Fenimore Cooper. He also notes that the book “relied on oral testimony of Revolutionary War veterans,” so although it’s possible that the tale has some merit, it’s a very unsatisfactory explanation. A fairly plausible narrative on this subject can be found in Famous New Orleans Drinks & How to Mix ’em, by Stanley Clisby Arthur, first published in 1937. Arthur tells the story of Antoine Amedie Peychaud, a French refugee from San Domingo who settled in New Orleans in 1793. Peychaud was an apothecary who opened his own business, where, among other things, he made his own bitters, Peychaud’s, a concoction still available today. He created a stomach remedy by mixing his bitters with brandy in an eggcup—a vessel known to him in his native tongue as a coquetier. Presumably not all Peychaud’s customers spoke French, and it’s quite possible that the word, pronounced coh-KET-yay, could have been corrupted into cocktail. However, according to the Sazerac Company, the present-day producers of Peychaud’s bitters, the apothecary didn’t open until 1838, so there’s yet another explanation that doesn’t work.

ICC Model Commercial Agency Contract or the ICC Model Distributorship Contract from ICC Publishing in New York.

It may be an item that your buyer could import directly but doesn’t want to deal with because the quantity would be too small. In such a case you might be able to build up a nice volume by finding other buyers for the same item or supplying other products to the same customer.

The business thing: well, business was weird. The world was full of strange operations, and companies carved into odd shapes to fit through loopholes and avoid taxes and make more money for less output. So what? Michael had told her that he oversaw a few operations, mainly import/export. He’d been honest with her about that.

Pages 85-87: Lower Burma when first occupied … was a vast deltaic plain of swamp and jungle, with a secure rainfall; when the opening of the canal created a market for rice, this wide expanse of land was rapidly reclaimed by small cultivators … Formerly, the villager in Lower Burma, like peasants in general, cultivated primarily for home consumption, and it has always been the express policy of the Government to encourage peasant proprietorship. Land in the delta was abundant … The opening of the canal provided a certain and profitable market for as much rice as people could grow. … men from Upper Burma crowded down to join in the scramble for land. In two or three years a laborer could save out of his wages enough money to buy cattle and make a start on a modest scale as a landowner. … The land had to be cleared rapidly and hired labor was needed to fell the heavy jungle. In these circumstances newly reclaimed land did not pay the cost of cultivation, and there was a general demand for capital. Burmans, however, lacked the necessary funds, and had no access to capital. They did not know English or English banking methods, and English bankers knew nothing of Burmans or cultivation. … in the ports there were Indian moneylenders of the chettyar caste, amply provided with capital and long accustomed to dealing with European banks in India. About 1880 they began to send out agents into the villages, and supplied the people with all the necessary capital, usually at reasonable rates and, with some qualifications, on sound business principles. … now the chettyars readily supplied the cultivators with all the money that they needed, and with more than all they needed. On business principles the money lender preferred large transactions, and would advance not merely what the cultivator might require but as much as the security would stand. Naturally, the cultivator took all that he could get, and spent the surplus on imported goods. The working of economic forces pressed money on the cultivator; to his own discomfiture, but to the profit of the moneylenders, of European exporters who could ensure supplies by giving out advances, of European importers whose cotton goods and other wares the cultivator could purchase with the surplus of his borrowings, and of the banks which financed the whole economic structure. But at the first reverse, with any failure of the crop, the death of cattle, the illness of the cultivator, or a fall of prices, due either to fluctuations in world prices or to manipulation of the market by the merchants, the cultivator was sold up, and the land passed to the moneylender, who found some other thrifty laborer to take it, leaving part of the purchase price on mortgage, and with two or three years the process was repeated. … As time went on, the purchasers came more and more to be men who looked to making a livelihood from rent, or who wished to make certain of supplies of paddy for their business. … Others also, merchants and shopkeepers, bought land, because they had no other investment for their profits. These trading classes were mainly townsfolk, and for the most part Indians or Chinese. Thus, there was a steady growth of absentee ownership, with the land passing into the hands of foreigners. Usually, however, as soon as one cultivator went bankrupt, his land was taken over by another cultivator, who in turn lost with two or three years his land and cattle and all that he had saved. [By the 1930s] it appeared that practically half the land in Lower Burma was owned by absentees, and in the chief rice-producing districts from two-thirds to nearly three-quarters. … The policy of conserving a peasant proprietary was of no avail against the hard reality of economic forces…

The nineteenth century brought no improvement in the ethics of capitalism. The Industrial Revolution that swept through Europe enriched the bankers and capital-owners, but condemned millions of workers to a life of abject poverty. In the European colonies things were even worse. In 1876, King Leopold II of Belgium set up a nongovernmental humanitarian organisation with the declared aim of exploring Central Africa and fighting the slave trade along the Congo River. It was also charged with improving conditions for the inhabitants of the region by building roads, schools and hospitals. In 1885 the European powers agreed to give this organisation control of 2.3 million square kilometres in the Congo basin. This territory, seventy-five times the size of Belgium, was henceforth known as the Congo Free State. Nobody asked the opinion of the territory’s 20–30 million inhabitants. Within a short time the humanitarian organisation became a business enterprise whose real aim was growth and profit. The schools and hospitals were forgotten, and the Congo basin was instead filled with mines and plantations, run by mostly Belgian officials who ruthlessly exploited the local population. The rubber industry was particularly notorious. Rubber was fast becoming an industrial staple, and rubber export was the Congo’s most important source of income. The African villagers who collected the rubber were required to provide higher and higher quotas. Those who failed to deliver their quota were punished brutally for their ‘laziness’. Their arms were chopped off and occasionally entire villages were massacred. According to the most moderate estimates, between 1885 and 1908 the pursuit of growth and profits cost the lives of 6 million individuals (at least 20 per cent of the Congo’s population). Some estimates reach up to 10 million deaths.4

When the Europeans conquered America, they opened gold and silver mines and established sugar, tobacco and cotton plantations. These mines and plantations became the mainstay of American production and export. The sugar plantations were particularly important. In the Middle Ages, sugar was a rare luxury in Europe. It was imported from the Middle East at prohibitive prices and used sparingly as a secret ingredient in delicacies and snake-oil medicines. After large sugar plantations were established in America, ever-increasing amounts of sugar began to reach Europe. The price of sugar dropped and Europe developed an insatiable sweet tooth. Entrepreneurs met this need by producing huge quantities of sweets: cakes, cookies, chocolate, candy, and sweetened beverages such as cocoa, coffee and tea. The annual sugar intake of the average Englishman rose from near zero in the early seventeenth century to around eight kilograms in the early nineteenth century. However, growing cane and extracting its sugar was a labour-intensive business. Few people wanted to work long hours in malaria-infested sugar fields under a tropical sun. Contract labourers would have produced a commodity too expensive for mass consumption. Sensitive to market forces, and greedy for profits and economic growth, European plantation owners switched to slaves.

capital expenditures required in Clean Technology are so incredibly high,” says Pritzker, “that I didn’t feel that I could do anything to make an impact, so I became interested in digital media, and established General Assembly in January 2010, along with Jake Schwartz, Brad Hargreaves and Matthew Brimer.” In less than two years GA had to double its space. In June 2012, they opened a second office in a nearby building. Since then, GA’s courses been attended by 15,000 students, the school has 70 full-time employees in New York, and it has begun to export its formula abroad—first to London and Berlin—with the ambitious goal of creating a global network of campuses “for technology, business and design.” In each location, Pritzker and his associates seek cooperation from the municipal administration, “because the projects need to be understood and supported also by the local authorities in a public-private partnership.” In fact, the New York launch was awarded a $200,000 grant from Mayor Bloomberg. “The humanistic education that we get in our universities teaches people to think critically and creatively, but it does not provide the skills to thrive in the work force in the 21st century,” continues Pritzker. “It’s also true that the college experience is valuable. The majority of your learning does not happen in the classroom. It happens in your dorm room or at dinner with friends. Even geniuses such as Mark Zuckerberg or Bill Gates, who both left Harvard to start their companies, came up with their ideas and met their co-founders in college.” Just as a college campus, GA has classrooms, whiteboard walls, a library, open spaces for casual meetings and discussions, bicycle parking, and lockers for personal belongings. But the emphasis is on “learning by doing” and gaining knowledge from those who are already working. Lectures can run the gamut from a single evening to a 16-week course, on subjects covering every conceivable matter relevant to technology startups— from how to create a web site to how to draw a logo, from seeking funding to hiring employees. But adjacent to the lecture halls, there is an area that hosts about 30 active startups in their infancy. “This is the core of our community,” says Pritzker, showing the open space that houses the startups. “Statistically, not all of these companies are going to do well. I do believe, though, that all these people will. The cost of building technology is dropping so low that people can actually afford to take the risk to learn by doing something that, in our minds, is a much more effective way to learn than anything else. It’s entrepreneurs who are in the field, learning by doing, putting journey before destination.” “Studying and working side by side is important, because from the interaction among people and the exchange of ideas, even informal, you learn, and other ideas are born,” Pritzker emphasizes: “The Internet has not rendered in-person meetings obsolete and useless. We chose these offices just to be easily accessible by all—close to Union Square where almost every subway line stops—in particular those coming from Brooklyn, where many of our students live.

[Winning in] India is essential. For GE, winning with India requires a new business model, one in which we are “local” in every sense of the word. That means migrating P&L responsibility and major business functions [like R&D, manufacturing and marketing] from a centralized headquarters to an experienced in-country team that is closest to the action and uniquely in touch with local customers and capabilities. Shifting power to where the growth is, putting more resources, more people and more products in the country, and integrating all elements of the GE product and services pipeline makes good business sense. This new One GE in India approach will speed progress. With an integrated team, we can develop products and services designed specifically to meet local needs and, potentially, for export to other markets. Since we’ve changed the model in India to align with the market more directly, there’s great excitement. It gives us entirely new opportunities to develop more products at more price points. This will help open up access to large, underserved markets in India, China, Brazil, and Africa while also fueling innovation that opens a door into new markets in the more developed regions of the world. The establishment of a new business model in India is an important step and I am eager to see it take off.

As a legal and economic instrument, the zone presides over a cocktail of enticements and legal exemptions that are sometimes mixed together with domestic civil laws, sometimes manipulated by business to create international law, and sometimes adopted by the nation in its entirety. Incentives vary in every location but might include: holidays from income or sales taxes, dedicated utilities like electricity or broadband, deregulation of labor laws, prohibition of labor unions and strikes, deregulation of environmental laws, streamlined customs and access to cheap imported or domestic labor, cheap land and foreign ownership of property, exemption from import/export duties, foreign language services, or relaxed licensing requirements.

The UPA government, instead of implementing the Supreme Court order—which would have been the defining indicator of its bona fides in retrieving the black money looted from the people of India— instead demanded a recall of the order. This establishes its complete mala fide, connivance and conspiracy, and confirms that it has no intention of taking any substantive steps to recover the black money stashed away abroad, or take any serious action to combat this grievous economic crime impoverishing our nation—the 21st century version of UPA imperialism. The nation should be informed that no investigation has taken place regarding the issues before it since the Supreme Court judgement, but the finance minister chose to conceal these extremely pertinent facts in his Paper. The White Paper coyly discussed the dimensions of black money stashed away abroad by quoting statistics that are more than a decade old, saying that these are being researched upon by three agencies whose report is expected in September 2012. From this it would appear that the government had no knowledge of the quantum of black money lying abroad. One wonders why the government presented the paper at this stage. Interestingly, the Paper officially disclosed a figure regarding Indian accounts held with Swiss banks, at around only US $213 billion (as against $88 billion projected by the International Monetary Fund, and $213.2 billion by GFI), down 60% between 2006 and 2010. A reasonable conclusion that can be drawn is that black money holders, in anticipation of international and national public pressure (not governmental) transferred their money to other safe havens, the safest, it is said, being India. The last two years have seen several enabling statutes and mechanisms to stealthily repatriate the ill-gotten wealth back to India. I am also given to understand that there is evidence of a huge disparity between export figures, particularly of metals quoted by the government, and actual exports through data available from independent sources. The same applies to figures regarding FIIs. The game is clear. Use every government tool and instrument available to repatriate the money to India, without disclosure, culpability or punishment. There must be ways, and ways that we can never fathom or document, but the black money holders control legislation, either through being important politicians, or big businesses, who can buy safe passage, necessary loopholes and escape routes through statute or legislation. The finance minister through his negligence and active cooperation with the criminals allowed the stolen money to be removed from the accounts in which it was held and only a small fraction now remains, which too he is determined to place beyond the reach of the people of India who are its legitimate owners.

taking concepts from one division of the company and explaining them to employees in other departments. “People connected across groups are more familiar with alternative ways of thinking and behaving,” Burt wrote. “The between-group brokers are more likely to express ideas, less likely to have ideas dismissed, and more likely to have ideas evaluated as valuable.” They were more credible when they made suggestions, Burt said, because they could say which ideas had already succeeded somewhere else. “This is not creativity born of genius,” Burt wrote. “It is creativity as an import-export business.” What’s particularly interesting, however, is that there isn’t a specific personality associated with being an innovation broker. Studies indicate that almost anyone can become a broker—as long as they’re pushed the right way.

Three American business school professors decided to find out. In a first-of-its-kind study, they analyzed more than 26,000 earnings calls from more than 2,100 public companies over six and a half years using linguistic algorithms similar to the ones employed in the Twitter study. They examined whether the time of day influenced the emotional tenor of these critical conversations—and, as a consequence, perhaps even the price of the company’s stock. Calls held first thing in the morning turned out to be reasonably upbeat and positive. But as the day progressed, the “tone grew more negative and less resolute.” Around lunchtime, mood rebounded slightly, probably because call participants recharged their mental and emotional batteries, the professors conjectured. But in the afternoon, negativity deepened again, with mood recovering only after the market’s closing bell. Moreover, this pattern held “even after controlling for factors such as industry norms, financial distress, growth opportunities, and the news that companies were reporting.”8 In other words, even when the researchers factored in economic news (a slowdown in China that hindered a company’s exports) or firm fundamentals (a company that reported abysmal quarterly earnings), afternoon calls “were more negative, irritable, and combative” than morning calls.9 Perhaps more important, especially for investors, the time of the call and the subsequent mood it engendered influenced companies’ stock prices. Shares declined in response to negative tone—again, even after adjusting for actual good news or bad news—“leading to temporary stock mispricing for firms hosting earnings calls later in the day.” While the share prices eventually righted themselves, these results are remarkable. As the researchers note, “call participants represent the near embodiment of the idealized homo economicus.” Both the analysts and the executives know the stakes. It’s not merely the people on the call who are listening. It’s the entire market. The wrong word, a clumsy answer, or an unconvincing response can send a stock’s price spiraling downward, imperiling the company’s prospects and the executives’ paychecks. These hardheaded businesspeople have every incentive to act rationally, and I’m sure they believe they do. But economic rationality is no match for a biological clock forged during a few million years of evolution. Even “sophisticated economic agents acting in real and highly incentivized settings are influenced by diurnal rhythms in the performance of their professional duties.

As a reward, Columbus frequently presented his men with local women to rape. As he exported enslaved Taino to other parts of the world, the sex-slave trade became an important part of his business. Columbus wrote to a friend in 1500: “A hundred castellanoes [a Spanish coin] are as easily obtained for a woman as for a farm, and it is very general and there are plenty of dealers who go about looking for girls; those from nine to ten [years old] are now in demand.