Some seventy years before the Mayflower sailed, a small group of English merchants formed the world's first joint stock company. Struggling to sell woolen cloth, the merchants sought out new markets. Eventually they turned West, and so began a whole new chapter in world history.

Three generations of English merchant adventurers -- not the Pilgrims, as we have so long believed -- were the earliest founders of America. Profit -- not piety -- was their primary motive. Some seventy years before the Mayflower sailed, a small group of English merchants formed 'The Mysterie, Company, and Fellowship of Merchant Adventurers for the Discovery of Regions, Dominions, Islands, and Places Unknown,' one of the world's first joint-stock companies. Back then, in the mid-sixteenth century, England was a small and relatively insignificant kingdom on the periphery of Europe, and it had begun to face a daunting array of social, commercial, and political problems. Struggling with a single export -- woolen cloth -- the merchants were forced to seek new markets and trading partners, especially as political discord followed the straitened circumstances in which so many English people found themselves. At first the merchants headed east, and dreamed of Cathay -- China, with its silks a