the Western world's first modern company was the East India Company, formed in the UK in 1600. At that time, the East India Company became responsible for 50% of all world trade. East India compaCompanythree important characteristics: independent legal personality; multiple shareholders; and limited liability, which it used to advantage when competing with sole domestic traders and family merchants in host countries. However, these structural benefits 'crowded out' the local producers and entrepreneurs leaving many of them as low-margin commodity suppliers.

India's first prime minister observed the outcome of this inequality after independence, Jawaharlal Nehru. On December 19, 1929, Nehru wrote in the Declaration of the Independence of India:

'The British government in India has not only deprived the Indian people of their freedom but has based itself on the exploitation of the masses, and has ruined India economically, politically, culturally, and spiritually."

Analyse the facts presented above and make an argument both FOR and AGAINST the exploits of the East India Company. For example:

• Is it fair that multiple-shareholder, limited liability companies should have a monopoly advantage when competing in developing countries? 
• should the British Government be liable to repay the wealth their companies gained in South Asia?