Regulated Monopolies

A month later, Will was summoned to the palace.

"Welcome dear cousin," King Roland said greeting Will when he walked into the Royal Library.

"Greetings your majesty!" Will bowed respectfully.

"Care for some tea and biscuits?" the king asked.

"Yes, thank you!" Will said.

"I summoned you here for three reasons. First, I received a letter from the Cardinal of Ionic telling me I have a heretical fugitive in my kingdom.

Imagine my surprise when I find out the heretical fugitive is your new employee at your newspaper company. Did you know he was a fugitive when you hired him?" the king asked.

"Yes, he was a fugitive because he printed their religious Bible. Which, as you know is not a crime in this kingdom.

Moreover, he has also professed our faith in the primordial gods. I consider him a convert, not a convict, your majesty," replied Will diplomatically.

"They claimed your trading vessel knowingly stowed him away. Is that true?" the king inquired.

"It's true he did bribe a ship's captain to take him and whisk him away. But we did not actively seek him out," Will assured the king.

"The cardinal is threatening to ban us from his ports if we do not return the heretic. Does that not worry you?" the asked curiously.

"Not in the least," Will said considering whether or not to pay the Orca Clan to pirate the Ionic Coastline until they relent or declare war.

But since most of the world was polytheistic, Will guessed declaring war would be a fatal mistake.

"Very well, I'll write them back and express the man is a citizen who recently had a change of faith. As he now believes in the primordial gods, we cannot return believers of our faith to return to their home country to face persecution," the king said.

"A very wise choice my lord," Will said.

"Which brings me to my second reason. Your newspaper has become quite popular. Your newspaper is as accurate as my spies. They're worried you're going to put them out of a job," the king laughed.

"I'm happy you like the newspaper," Will said.

"I do but look at this. This is a gazette that was published criticizing my administration. Read the front-page article. It's calling for citizens to demand the Great Charter.

I would like your paper to publish an editorial against this gazette and the Great Charter" the king demanded.

"Your majesty, if I may be blunt. Using my paper as your platform hurts my newspaper and you.

That's why I brought you two printing presses of your own and a title plate. The Tirana Times, the king's newspaper for his citizens," Will advised using elaborate hand gestures to show the grand idea.

"Oh, you came prepared?" the king looked at Will, he knew Will had an ulterior motive, but he couldn't figure out what it was.

"Of course, the citizens need to hear from his majesty," Will said slyly, which even made the king more suspicious.

"Then thank you for the gift. How do you recommend I distribute the newspaper?" asked the king.

"Please drop off your newspaper at my company. I shall have the criers sell both our newspapers alongside one another," informed Will.

"Hm, sounds perfectly fine, but why not just publish the articles my scribes write?" King Roland asked.

"Newspapers play a role of fostering ideas, diffusing information, and therefore the accuracy of that information is of the utmost importance.

Your majesty, you and I have two very different purposes for the newspaper. You mostly likely view the newspaper as a political resource, while I view it as an economic resource. While newspapers maybe both, it's important that I use my newspaper for my own needs," Will said honestly.

When it came to media there were only three types of ownership: state-owned, quasi state-owned, and privately owned.

Quasi state-owned held a range of possibilities. It could mean the government partially funded the new agency like NPR and the BBC, or the government had some editorial powers.

State-controlled meant the media company was a wholly subsidiary of the government. And the government had complete editorial control.

Private ownership meant the media company was owned by the greatest shareholder.

There was no perfect media ownership type. Each type of ownership had its pluses and minuses. Both companies served the whims of their owners, and both types constrained a news agency's editorial power.

Will believed the best media type was an open market. Where the kingdom and private companies freely competed for subscribers in the free market.

Some critics belittle state-controlled media as mere propaganda. But most state-controlled media have very little domestic propaganda. Most media sources simply report the day-to-day news.

The trouble with state-controlled media happens when free-market media is excluded. When that happens black market media organizations arise and may lead to disinformation.

That's why privately owned media play such a positive role. Private media can collaborate with state-controlled media or provide a different perspective.

While self-righteous media companies may purposely serve as watchdogs to monitor government officials, most privately owned media companies tried to maintain a somewhat balanced approach.

Almost every media conglomerate on Earth was respectful of various countries' laws and cultures.

Will's newspaper covered local and national news, but was more focused on trade, and making good investment decisions.

"Yes, but what if I request you run some political articles?" the king said pointedly.

"Depending on the article, I shall most likely feature it in my newspaper," Will said nonchalantly.

"And if I demand?" King Roland asked.

"I'd fold my newspaper company. I am a man of principles after all?" Will said puffing out his imperial pipeweed.

"What if I gave you an allowance to expand your electricity business to Yorkshire? What then?" the king asked slyly.

"Principles can be flexible at times. I'd be happy to include kingdom propaganda under your name of course," Will asked.

"But, what if I wanted my editorial printed under your name?" the king asked curiously.

"First, I'd be curious as to the content of the editorial. Second, I'd be curious to learn your other considerations?" said Will wearily. He could feel something was off about the deal.

"I'll allow you to expand your energy company across Fermion. Also, I decree you may unilaterally distribute energy.

However, you are required to sell the vont Whitby family a 30% stake in your Silver Phoenix Energy and Utility company," the king replied.

"You'd allow me to control all of Fermion's energy, just to publish an editorial under my name? Excuse me your majesty, but that seems a bit too good of a deal. Speak truthfully, what haven't you told me?" Will asked.

"My third reason. Your discount stores are too successful, that several general stores have already declared bankruptcy.

The Merchant Guild has received complaints from local shop owners that your prices are too low. They've demanded the Merchant Guild petition me to auction your 5&10 Copper Stores as compensation for their losses," King Roland said hesitantly.

"Cousin, did I not release my patents on my games, casino, race track, banks, and auction houses when you asked? Haven't I been amendable?

Not once since I joined your fraction have I rejected you. I've been a loyal supporter. I've freely given you advice when you asked.

Furthermore, I helped you write your book. Not once in service to you, have I asked for compensation for my time.

And, I'm set to join your administration next week as Deputy Minister of Commerce.

Yet now you tell me, people dare to want me to auction off my discount stores? Where did they find the audacity? I built that company from nothing and made it what is today!" said Will angrily.

"Between the department and discount stores, it seems general stores are struggling to remain open. And you own all 325 discount stores across Fermion. Thus, I'm offering you a trade," the king explained.

"What happens when my trading, newspaper, transportation, and energy business become too large?" Will asked.

"I suspect you'll be fine. After all, you still own most of the banks, race tracks, auction houses, and casinos in Fermion and across the ocean. In addition, your banks, auction houses, race tracks, and casinos are the most reputable and wealthiest.

In comparison, you own the only globally connected banks, race tracks, auction houses, and casinos. Most banks and auction houses are local and very small. You were lucky to have Sage Thaddeus to connect your business with space magic.

No other businesses earn the amount of wealth, have your name recognition, or have the spatial ability as your banks, race tracks, auction houses, and casinos.

Consider your multitude of trading ships, wagons, and carts; who can compare? Only the Great Eastern Empire can match your expanding network of train stations and airports. And you own stock in those imperial companies.

Even after you sold printing presses to the Duke von Mueller, no newspaper business has your reach or earns close to your profit.

The second most popular newspaper is the kingdom's Annapolis Journal and they are still far behind you. No doubt the soon to be Tirana Times shall not be your equal either," King Roland reminded him.

"Cousin how easily you sweep over my lost revenue, I have lost thousands in gold after the new banks, casinos, and auction houses were opened. And now you're asking me to sell my profitable businesses again.

Your majesty, you are not calculating the cost of operating my businesses. I was the one who developed the idea, infrastructure, and inventory to build the discount stores.

Opening over 300 stores is expensive. I've barely had a chance to recoup my losses before you demand I sell my business? I demand recompense!" Will said frustratedly.

Will knew that banks and auction houses have a relatively high entry bar. It would cost several tens of thousands to own either of those two companies.

But the entry bar for airships, trains, and energy would be even higher. In most countries, these businesses held a natural monopoly. Because the cost of entry was in the millions of gold.

"Alright, tell me what you want?" the king asked.

"I want my Silver Phoenix Energy and Utility company to have a perpetual legal monopoly," Will declared.

"Are you afraid of competition?" the king asked curiously.

"It's not worth my time to invest in the infrastructure, if I have to turn around a month later and sell my company," Will explained.

"Very well, I'll have Bryson announce your decision to auction your 5&10 stores, and decree your energy company's perpetual monopoly," the king summarized.

"Thank you, your majesty. I'll also announce the auction and decree in my newspaper," Will said cheerfully.

"I'll send you the decree to print and you send me the share price for your Fermion Guardian and energy company," said King Roland amicably.

A few days later, when Will announced to his senior clerks that he'd be selling the 5&10 Copper stores, they celebrated.

"Those stores were a lot of work. I barely had time to do my other responsibilities," Vanessa said.

"Boss Will, managing twenty stores while overseeing the casino, bank, auction house, and dealing with train, train stations, airship, and the airport was very time consuming," Mei agreed.

"I agree," Jesper said exhausted.

"Well, I'm glad you're happy," Will chuckled.

When do they go up for sale?" Elliot asked.

"It's in the newspaper," Miles replied. And everyone laughed for a bit.

"That reminds me. Boss Will, we had an imperial port ask for a shipment of newspapers.

"As long as they pay the fee, they can buy them," Will said encouragingly.

"So, what's the next business you plan to create Boss Will?" Vanessa asked.

"Create? I don't plan to create anything. My plan was always to sell 5&10 Copper stores. My anger was just a facade. Surely, you remember me telling you, I wanted out of the shopkeeper business. My real desire was to build those stores, sell them, and then have those shop owners dependent on our logistics.

From now on, our company's job shall be focused on logistics. Our focus shall be on moving goods, people, energy, and money as efficiently as possible.

For now, you all shall be responsible for identifying who wants electricity in their home or business across Fermion. You'll also be responsible for making sure they pay monthly and refer any problems to me. If you have any questions, ask Miles," Will said.

By the time the World Economic Forum was held in Kukes, every region of Fermion would have electricity.