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Bhu Srinivasan’s Followers (21)
Bhu Srinivasan
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“At the same time, a group of Pilgrims, led by William Bradford, agreed to personally assume the full responsibility for the community’s debt, with the £1,800 due in nine annual installments of £200 starting in 1628. For relieving the citizens of Plymouth of this debt, Bradford and his group received the exclusive fur-trading rights of the colony. Indeed, the rights would have been immensely valuable, but for one thing: competition. By 1628 New England had received shiploads of settlers. Some, such as the Puritans, had religious inclinations. Others were itinerant traders making landfall. The Dutch, with their own settlement on the Hudson River, were building trading posts as far north as the Connecticut River. The French too made incursions. For all, fur was vital. Native Americans, continuing their role as hunters and preparers, were a key part of this transatlantic trade. None of this was good news for the local beaver.”
― Americana: A 400-Year History of American Capitalism
― Americana: A 400-Year History of American Capitalism
“THERE WAS A CERTAIN PARADOX in this sudden release and movement of human energy—from continents away, no less—all to dig in the dirt for a shiny metal that, once dug out successfully, was melted into neat rectangular bars and made its way back into darkness, in bank vaults, never again to see the light of day. Yet this arbitrary construct underpinned the entire monetary system of the United States and the world. The same primal attraction that had once led pirates, conquistadores, and medieval sovereigns to search for gold was now being mirrored in an age when wires transmitted words at near the speed of light. The value of gold then, as now, was largely based on a seemingly universal agreement, an article of faith: that gold is valuable because others see it as valuable. Why should the discovery or nondiscovery of a yellow metal in the dirt in California have any impact on the utilization of industrial capacity, growth of crops, transportation of goods via rail, improvement of the telegraph infrastructure, or any other economic activity? But its religious effect, regardless of its logic, was undeniable. The flood of gold helped unleash significant economic activity throughout the world.”
― Americana: A 400-Year History of American Capitalism
― Americana: A 400-Year History of American Capitalism
“But Silicon Valley was filling up newspapers with dozens of pages of employment ads. One Atari ad in 1974 read simply, “Have Fun, Make Money.” The day the ad ran, an unkempt eighteen-year-old who had grown up in nearby Cupertino showed up at the front desk of the game maker. He refused to leave without a job. The receptionist relayed the message to a senior engineer and asked whether she should call the cops. Instead the engineer, Al Alcorn, engaged with the “hippie-looking kid,” learning that he was a dropout from the literary Reed College with no formal engineering background but deep enthusiasm for technology. Despite the negatives, Alcorn hired Steve Jobs as a technician at $5 an hour. Atari’s unconventional hiring practices didn’t dissuade Sequoia Capital from making an investment. Neither did Atari’s manufacturing floor: “You go on the factory tour and the marijuana in the air would knock you to your knees—where they were manufacturing the product!” Sequoia’s Don Valentine would note later. Japanese quality control it wasn’t. Still, the venture capitalist took the big picture view to his board duties, suggesting that prudishness would have been futile: “What would I say, get a higher brand of marijuana?” This too was a fundamental shift, the counterculture of San Francisco and Berkeley permeating south. The”
― Americana: A 400-Year History of American Capitalism
― Americana: A 400-Year History of American Capitalism
Topics Mentioning This Author
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