time, was designated “too big to fail,” was experiencing financial difficulties. To help shore up the failing firm, the

British Parliament authorized the Tea Act. The act continued the tax on teas and made the East India Company the
sole legal supplier of tea to the American colonies. By November, the citizens of Boston had had enough. They

refused to permit the unloading of tea, citing their main complaint: “No taxation without representation.” Several

newspapers, including The Massachusetts Gazette, warned arriving tea-bearing ships, “We are prepared, and shall

not fail to pay them an unwelcome visit by The Mohawks.”
216 9 • Monopoly

Step forward in time to 1860—the eve of the American Civil War—to another near monopoly supplier of historical

significance: the U.S. cotton industry. At that time, the Southern states provided the majority of the cotton Britain

imported. The South, wanting to secede from the Union, hoped to leverage Britain’s high dependency on its cotton
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