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system； where younger carpenters ‘learn and steal’ the trade from the
master。 The skills are considered an intangible cultural asset； for which they
feel a great responsibility and a need to pass it on to younger generations。
The firm has been in profit for as long as employees can remember；
racking up sales of 9。4 billion yen （RM304m） in the last business year。 It
hasn’t all been smooth sailing； though。 In the late 19th century； business
nearly came to a halt owing to an anti…Buddhist movement that led to the
destruction of some temples。 During the last war； the pany managed to
survive by building wooden boxes for military use。
168 The Thirty…Day MBA
Masakazu Kongo； the firm’s current boss； has some enduring advice for
businesses： ‘Everybody may be fre。。ing about the recession； how tough
times are； but you shouldn’t be overwhelmed by all the gloom。 Believe in
your business and stick to it。’
MEDIAEVAL MERCHANTS （1000–1700）
The next half millennium saw as much development in the business world
as had occurred in the whole of recorded history up to that date。 The
first business advisers hit the road with a message very similar to the one
espoused by the Economist magazine （9–15 March 2002） nearly a thousand
years later： ‘Be honest； be frugal； be prepared。’ A network of international
banks straddled Europe； city and family conglomerates were established；
some that survive to this day。
The first ‘management consultants’
This is one of the earliest business gurus； an anonymous Norwegian author；
offering advice to the international businessmen of the day in a treatise
entitled ‘The King’s Mirror’ （circa 。。。。 1260）。 The treatise is wide ranging；
with only part of it dealing with merchants of the day。 From this we can
see that wri。。en expert advice for business people is by no means a recent
innovation。 We can also deduce that long before Stanford and Harvard
launched their MBA programmes； numeracy； networking and corporate
responsibility were high on the list of skills needed for success in business。
The tips about how to behave on foreign business trips and on forging
partnerships are as valid now as they were 800 years ago：
。 He should be ‘polite and agreeable’ but should examine goods before
he buys them and in the presence of witnesses。 If by chance he has
purchased inferior goods； let him resell them for what they are and；
taking his losses； deceive no one； as he has been deceived。
。 When abroad； the merchant should live well but carefully and with
restraint of speech and passion。
。 He should study especially the local law books； when he has time。 He
should master the customs of the place he is trading in。
。 He should shun drinking； chess； harlots； quarrelling； and gambling。
。 He should study the sky； directions； and the sea so as to be able to navigate。
All merchants have great need of arithmetic。
。 Let him cultivate the friendship of the officials of the country in which
he trades and pay the dues that are required。 Let him see to it that none
of the government’s property gets into his cargo。
。 He should sell quickly if he can get suitable prices and then be off； for a
quick turnover is the life of trade。
Business History 169
。 He should always buy shares in a good ship or in none at all。
。 If he acquires wealth rapidly； then he should invest part of his wealth in
a partnership trade with others doing the travelling； but he should be
cautious in selecting partners。
。 If he acquires a great deal of wealth in trade； let him divide it into three
parts。 Let him invest one…third in partnership with experienced and
reliable men who are permanently located in towns。 The other twothirds
may then be invested in various business ventures for the sake of
the safety that lies in diversity。
Banking and the Knights Templar
Despite being remembered mostly for their military prowess during the
crusades； this order of knights became； in part by accident； the first major
international banking institution。 Their specific forte was in keeping the
highways open to allow pilgrims to e to the Holy Land unmolested。
This goal inevitably meant that the Templars owned some of the mightiest
castles； and because of their awesome reputation as fighting men； their
castles served as ideal places to deposit money and other valuables。 A
French knight； for example； could deposit money or mortgage his chateau
through the Templars in Paris and pick up gold coins along the route to
Jerusalem； and back again if he survived！ The Templars charged a fee both
for the transaction and for converting the money into various currencies
along the route。
Over the years the business grew and eventually the Templars ran a
network of full…service banks stretching across Europe from England to
Jerusalem。 At their maximum strength the Templars employed about 7；000
people； owned 870 castles and fortified houses and were the principal
banker to popes and kings。
Free trade and the Hanseatic League
Following the ravages of the Black Death in Europe； cities began to grow
and prosper as trade increased and small…scale manufacturing revived。 In
the northern German seaports； merchants and traders sought protection
for their business transactions and the transport of their goods。 The city of
Lubeck had made a treaty with the city of Hamburg in 1230； which established
free trade between the two and guaranteed that the road linking the
North Sea and the Baltic Sea would be guarded。 The absence of a strong
central government in Germany allowed the cities to make such treaties；
and soon other munities asked to join the arrangement。 Riga； Danzig； a
trade centre in London in 1266； and Novgorod in Russia all became part of
the League’s network of 85 cities。
170 The Thirty…Day MBA
At its peak the League maintained an army and a navy； guarded roads
from city to city； kept a fortress and a storehouse in each city； waged war
and enforced the merchant’s laws at the various fairs。
Hansa businessmen created partnerships for single ventures only； sending
a ship from one port to another and then dissolving the organization。
Their bookkeeping techniques were crude； and they constantly fought over
the division of profits and the calculation of losses。
As powerful rulers created nation states in England； France； Russia and
Sweden； this loose federation of merchants simply could not succeed as
modern nation states emerged。 Its last general assembly is said to have
been held about 1669； but its power had long since evaporated。
The House of Fugger
Fugger’s business was a bridge between the Mediaeval and modern
worlds。 The dynasty began in 1367 when Hans Fugger moved his family to
Augsburg； Bavaria； and started a business weaving fustian； a strong co。。onand…
linen fabric。 His sons Andreas and Jacob I developed the family textile
trade before severing their partnership in 1454。 On their own； both branches
continued to expand their reach。 Andreas and his sons moved into finance；
in Antwerp and Venice as well as Augsburg。 Jacob’s sons evolved from
trade in textile goods to co。。on and spice； and ultimately into mining and
processing silver and copper。 The family developed a network of trading
posts under Jacob’s nephew and successor Anton that by 1525 extended
from the Mediterranean to the Baltic。
When Anton’s nephew Hans Jacob （1516–75） took over； he kept control
of their holdings through regular reports from their worldwide network
of agents。 These reports were consolidated into ‘Fugger Newsle。。ers’ and
circulated among their associates。 This was one of the first uses of the word
‘news’ to refer to deliberate a。。empts to gather the latest intelligence。 Three
branches of descendants survive today； one of them – Prince Carl Fugger…
Baben…hausen – re…established the Fugger bank in 1954。
THE ERA OF VENTURES （1700–1900）
Throughout history until the 18th century most businesses were small； selffinanced
and usually short…lived affairs。 True； there were exceptions； The
East India pany was a monopoly that all but ran India and the Far
East； even having its own military and governmental functions。 The Peruzzi
pany； one of the largest Florentine business ventures； was 60 per cent
financed by seven family members and 40 per cent by ten outsiders as far
back as 1300。 It was organized as quasi…permanent multiple partnerships。
Pacioli’s double…entry bookkeeping system （see Chapter 1） had made
Business History 171
long…term ventures possible for the Venetian merchant adventurers。 But the
general rule was that business was either a one…man band or family affair；
using their own limited financial resources； and any collaboration with
other business people was on a venture…by…venture basis。 The Industrial
Revolution was about to change all that； but three other trading innovations；
though less well recognized； were set to have an equally profound effect on
business life。
Intellectual property rights
A patent gives the owner of an invention the right to take legal action
against others to prevent the unlicensed manufacture； use； importation or
sale of the patented invention。 Its purpose is to give inventors the breathing
space to develop a business based on the invention； or to license it to
someone who can。 A patent is in essence a bargain between the state and
the inventor。 The state offers a short…term monopoly of around 20 years； in
return for the inventor making a full description of the invention – known
as a specification – public through the Patent Office。 In this way； other
inventors can readily have access to the latest thinking in practically every
area of technology and build on that to make further inventions。 That in
turn creates wealth and opportunities for the country concerned。 The speed
with which information now flows and the global nature of enterprise mean
that any benefit is more to the general good rather than to any country； but
the principle remains。
The origins of patents for invention are obscure and no one country can
claim to have been the first in the field with a patent system。 In about 1200
Venice granted 10…year monopolies to inventors of silk…making devices； and
in 1444 published the text of the oldest patent law in the world； officially
announced as ‘Inventor Bylaws’。 However； Britain can claim to have the
longest continuous patent tradition in the world。 Its origins can be traced
back to the 15th century； when the Crown started making specific grants of
privilege to manufacturers and traders。
Such grants were signified by Le。。ers Patent； open le。。ers marked with
the king’s Great Seal。 Henry VI granted the earliest known English patent
for invention to Flemish…born John of Utynam in 1449。 The patent gave
John a 20…year monopoly for a method of making stained glass； required
for the windows of Eton College； that had not been previously known in
England。
Two important legal conditions were established that apply today：
。 The famous patent of Arkwright for spinning machines was not allowed
for the lack of an adequate specification in 1785； a。。er it had been
in existence for 10 years。
172 The Thirty…Day MBA
。 Wa。。’s 1796 patent for steam engines established the important principles
that valid patents could be granted for improvements to an existing
patented device。
The Japanese took an interesting approach to the subject。 Because at the
time there was a tendency to abhor new things； a ‘Law for New Items’ was
proclaimed in year 6 of the Kyoho Era （1721）。 It was not until 1885 that
the Japanese Patent Office was up and running。 The first patent applied
for was a patent for ‘Ho。。a’s Method for Rust Stopping Paint and Painting
Method’； applied for by Zuishou Ho。。a。 The Chinese Patent Office opened
in 1985。 The late opening of the munist and former munist patent
offices was due to their philosophical reluctance to accede private property
rights。
Stock markets
The need for stock exchanges developed out of early trading activities
in agricultural and other modities。 During the Middle Ages； traders
found it easier to use credit that required supporting documentation of
dra。。s； notes and bills of exchange。 The history of the earliest stock exchange；
the French stock exchange； goes back to the 12th century when transactions
occurred in mercial bills of exchange。 To control this budding market；
Phillip the Fair of France （1268–1314） created the profession of couratier de
change； which was the predecessor of the French stockbroker。 At about the
same time； in Bruges； merchants began gathering in front of the house of
the Van Der Buerse family to engage in trading。 Soon the name of the family
became identified with trading and in time a ‘bourse’ came to signify a stock
exchange。 At the same time； stock exchanges began to materialize in other
trading centres like the Netherlands （Amsterdam Bourse） and Frankfurt
（the Deutsche Stock Exchange； formerly the B。rse）。
In 1698； when one John Castaing in ‘Jonathan’s Coffee…house’ in Exchange
Alley in the City of London began publishing a list of stock and modity