noted an immense quality and an immense quantity of it accumulated in the warehouses of the east india company in england this company petitioned the king he writes to suppress the duty of three pounds per pound upon its introduction into america. that petition by the corporation was successful it's known as the tea act of seven hundred seventy three and the result was great for the trans national east india company and a big problem for the american entrepreneurs as hughes again writes in his book. the east india company however received permission to transport tea free from all duty from great britain to america allowing it to wipe out its small competitors and take over the tea business in all of america they got their tax cut and now they're going to underprice and put the smugglers out of business hence he was rights it was no longer the small vessels of private merchants who went to vendor tea for their own account on the ports of the colonies but on the contrary ships of inner norma's berth and the transport an immense quantities of this commodity amassed in suitable magazines he was wr

the east india company was trying to corner the tea market after all it was the drink of choice of the colonists and there's pretty much a tea shop on every corner in america we imported millions of pounds of tea every year and most of it was brought in by small american entrepreneurs what the british called smuggler's and the east india company wanted to put those smugglers out of business and their strategy undercut their prices they wanted to pull a wal-mart but the colonists were having none of it as hughes wrote trying to get around the east india company quote render the smuggling of tea an object that was frequently practiced and the resolutions against using it the

india that have received japanese financial or technological support. now, japan plans to use that experience to promote the shinkansen. last month, officials from japan's transport ministry sent out an east japan rail companies visited japan's railway ministry. they pitched the speed and safety of the shinkansen. >> translator: india has a vast rail network. we will work to have shinkansen run in various parts of the country. >> reporter: india is making efforts to bolster economic growth. it is paying keen attention to the shinkansen as one way of achieving that goal. fumio sugiya, nhk world, new delhi. >> that concludes our bulletin for today. >>> the governing democratic party is reviewing a plan to raise japan's consumption tax to 10%. it is currently at 5%. the party's tax reform panel wants a new rate in place by 2015. >> translator: politicians have to make a decision. we have been in an imposing face. >> the plan was presented to a general meeting of party lawmakers on wednesday. it is part of the dpj's program to overhaul the social security and tax systems. the panel is proposing a two stage increase in the consumption tax lifting it to 8% in october of 2013 before reaching the target of 10% in apr

companies, but the dutch east inn dees company -- indee's guys were married to the government. the government was sending the military around the world to protect resources and, you know, they were off to india or taking care of problems in the colonies to protect it for big business, and those two entities were married. and what it did was suppressed or eliminated the broad economic opportunity that adam smith actually thought would boost a nation's production. and resources and revenues. and so in his book he talks about how to expand that opportunity for everyone and headline, big warning, watch out for the concentration of wealth and power into a small, elite class. because that, in fact, is as destructive of capitalism as an overbearing, tyrannical government. he called -- i'll use the term "corporations," -- but he called the corporations unaccountable sovereigns. my conversation here is not class warfare. it does not denounce corporations. i mean, if capitalism was supposed to increase the standard of living for people here and around the world, it has done so without debate. but we've got to remember his caveats because they apply as much today as the moment he wrote them. and that i