Dhaka is one of the world's most populated (17 million in Greater Dhaka area), and most densely populated (28,410 per square kilometre), cities. Once its nickname was the 'Venice of the East' because it was home to so many Eurasian merchant groups. The British East India Company took control of the city from the Nawab of Bengal. Under the system of Mercantilism trade was seen as a form of National warfare with winners and losers. Dhaka got plugged into Britain's imperial networks. The colonial tax, and restriction on trade in the interest of British manufacturers, led to the city's decline. By 1824, Dhaka was described as 'the city of magnificent ruins'. After the city mutinied in 1857, rule was passed from the company to the British government. In 1971, it became the capital of an independent Bangladesh.