Merchant Kings: When Companies Ruled the World, 1600–1900

In the old world, the rule was: Every industry makes money, and the market share leaders make the most money.

The first businesses to coordinate their activities across borders on a large scale were banks. In the Middle Ages, Italian bankers representing the papacy collected part of the English wool crop in Church taxes, transferred it overseas, and took their cut from the transaction. In the sixteenth century, German bankers, such as the Fuggers and the H

Empowered by more dynamic cost structures, these brands focus on specific product categories, often control manufacturing from start to finish, create unbelievable customer experiences, and invite consumers to participate in shaping the business.