Going the Distance

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In the 1400s, long-distance trade across Eurasia was primarily managed by Chinese, Indian, and Arabic traders, often involving short journeys by individual traders or small enterprises. However, following the arrival of Europeans in the Indian Ocean in 1498, they rapidly took control of long-distance trade by 1700. Europeans established large-scale, impersonal organizations, notably the joint-stock companies of the English East India Company (EIC) and Dutch East India Company (VOC). This shift transformed trade from a network of small traders to vertically integrated firms that managed goods from origin to consumer. The emergence of these business corporations was crucial for Europe's economic ascent. The book explores why this organizational model developed uniquely in Europe and why it wasn't replicated by other Eurasian civilizations for three centuries. The author analyzes the organizational structures of four major civilizations—Chinese, Indian, Middle Eastern, and Western European—arguing that the EIC and VOC pioneered a new form of long-lasting joint-stock corporations that facilitated unprecedented large-scale, impersonal cooperation. This innovation allowed the English and Dutch to mobilize greater capital, ships, voyages, and agents than their counterparts, reshaping the landscape of Eurasian trade.