What if the chartered East India companies had gone differently?

Joint-stock companies with armies and monopolies become the vehicle of European expansion in Asia.

If it had gone differently: European trade with Asia stays a matter of small merchant convoys; no company-states, no gunboat empires.

1. 1780The Industrial Revolution, Growth stays flat and Malthusian; most people alive in 1900 live about as their great-grandparents did.
2. 1868The Meiji Restoration, Japan stays closed and agrarian; the idea that a non-Western state can industrialise fast has no example.
3. 1870The first globalisation, The world economy stays a patchwork of regions; no belle-époque boom, and no 1914 shock when it unwinds.