@Pepperm1nts Thank you for informing me. I would rather leave that location open for other players to use. If no one claims it, I will probably invade inside the actual roleplay. I am assuming territorial gains and losses are allowed.
I like this.
And I want to touch it with my hands.
But my plate is full. Hnnng. wat do???
So it's very similar, but without the added impetus of overseas trade or long distance military expeditions.
EDIT: And the Vietnamese no doubt traded in Pho. There isn't another culture on this earth that can make a broth that stands up to Vietnamese broth.
Merchant states tended to be Oligarchies.
It can definitely happen in a medieval context. Most medieval style states were governed through power by land ownership, but there were some places where local land lords could not compete with the merchants in terms of practicable power. Renaissance Italy is the most famous example of this, though Germany had examples of this phenomena as well. This was especially common in Europe because of the importance of eastern trade to the European market. Theoretically, most Merchant states begin with the nobles being supplanted by the Merchants. It might not be some shady illuminati type thing, but shady illuminati type things are for people who don't understand human behavior and need to simplify it my creating singular hive minds.
If you are going to recreate a medieval version of this, you have to boil these things down to their essentials. Medieval people do not have savings accounts unless you count the coins they sew into their mattresses. High level economics centers around your ability to give out loans and your relationship with long distance trade. Insurance is the guy selling binders on the dock. Instead of a stock market, you have merchants banding together to invest in a voyage in exchange for an equal split of the profit. Banks are guys in the market writing checks that look more like IOU's than anything else, which are being purchased (with interest) by travelers afraid of being robbed and can be exchanged for money at any banker in league with the check-writer (and he has friends in ever important port, so you don't have to worry about that. If he writes too many false checks he know's he'll be stabbed by some sailor anyway, or hanged by the captain of the guard if there are actually laws in place about this sort of thing).
If you want to do a shady company style plot, I would go with the bankers. Look at the Templars, and the rise of the Medici's, to see how this is done in an old school context. Remember that this is a world devoid of Adam Smith's. There are no Free Trade Agreements, and we don't have the communication systems that make large corporations doable. It's unlikely anybody in this culture understands simple economic concepts like "inflation", considering how Rome fought their inflation by hanging coin clippers and minting more coinage because they thought the material in the previous ones must have been inferior to have depreciated in value. I am pretty sure one of the biggest parts of the Medici's rise to power is that they were an early adopter of double entry bookkeeping (to simple modern folk, medieval Quicken.) In this culture, "interest rates" aren't controlled, but are something you haggle with the town Jew over if you need a loan for a set of armor to go-a-crusading with (you'll pay him back with a loaf of sugar from the holy land when you get back because that shit is in vogue now).
I use Europe as the model because I don't really know how this worked beyond Europe and the Middle East. I would assume India worked the same way (minus a town Jew), but I don't recall ever hearing of any banking systems that were not European. I'm just spitting this shit off the top of my head though. You might need to google for the details here.
EDIT: Black markets weren't much of a thing because there wasn't enough regulation to make them practical. Simply put, you need shit that is both illegal and affordable for there to be a noticeable black market for it.