Helen Li

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The Power of Monopolies over Government

In modern society, setting up a business is easy. One just needs a sponsor who can provide funding. The hardest part is to find this sponsor or multiple sponsors who are interested. Most, if not all, sponsorships today are long term economic investments and funding usually comes from private companies. This is not surprising because government must apportion all inevitable expenses so they do not neglect its other government activities or “duties.” Therefore, this causes the government to extend budgets on its funding and many experiments, investigations, and explorations cease to succeed or even exist.

In The Island at the Center of the World, Russell Shorto explains how Henry Hudson managed to attempt multiple voyages through the financing of entrepreneurs. When Hudson came up with his daring idea of traveling north “over the top of the world,” he had funding through entrepreneurs “chipping in twenty-five pounds per share” raising “a total of six thousand pounds.” One prominent contributor to Hudson’s voyages was Muscovy Company. However, just like companies that did not see returns on their investments, Muscovy decided to stop funding Hudson after his failed second attempt across the oceans. Fortunately, Hudson made his way up to what is known as the Hudson River after encountering Dutch consul, Emanuel van Meteren.

It is common for scientists to find funders to assist them in developing new vaccines and it is common for inventors to find sponsors to promote their creations, but centuries ago, governments usually served as the advocates or patrons. When it comes to exploration, many people might remember that Queen Isabella financed Christopher Columbus’s expedition and King Henry VII permitted John Cabot’s voyage. However, it is surprising to realize that other explorers were “hired” not by the government, but entrepreneurs and other nation leaders.