no lessple, adam smith, than adam smith, denounced joint stock companies and denounced the east india company because he said and see if i can quote him here, he argued that fiduciaries could not be fully dutiful and completely concerned about the welfare of shareholders because the cap capital was not their own. we still have this problem today, but we made great efforts to improve situations. by the way, we believe from our research that he was much influenced is something you bubble,, the south sea which was a case where promoters promoted a company that was not in the interest of shareholders. eventually come the shareholders suffer the consequences and so did the promoters. now we grant equities, we do stock options, we have performance fees. we encourage managers to reinvest in the business. while there has been improvement, not all the problems have been solved. now that we talk about the industrial revolution. it was of course a transformation that we all know about. and rann the 1760's basically into world war i. the first one was basically involving textiles and iron product