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- In the second half of the 17th century, England emerged as the dominant commercial power, and the Dutch Republic gradually declined. Wars against England and France drained the Dutch economy, and the Dutch West India Company failed to take control of Brazil from Portugal.
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What is the history of the Dutch economy?
What is the economic history of the Netherlands?
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The Dutch Golden Age lasted from roughly 1580, when the Dutch proved themselves successful in their fight with the Spanish, to about 1670, when the Republic’s economy experienced a down-turn. Economic growth was very fast during until about 1620 when it slowed, but continued to grow steadily until the end of the Golden Age.
The history of the Dutch economy has faced several ups and downs throughout the 16th and 17th centuries. It has undergone moments of prosperity and was one of the dominant world powers in the 17th century. Its heavy involvement in the Atlantic trade had a large impact on its economy and growth.
A distinctive trait of the Dutch economy emerging in the 18th century was the fiscal-financial complex. The historically large public debt, resulting from the Republic's participation in the European wars around the turn of the 18th century, was held by a small percentage of the Dutch population (there was hardly any external debt).
Dec 15, 2023 · The Dutch Golden Age, or de Gouden Eeuw in Dutch, denotes the 17th-century Netherlands, emphasizing its economy and culture. The term was first used in the Dutch language in the mid-16th century, due to early Dutch translations of the Ovidian Metamorphoses. The concept of a Golden Age is in fact an ancient one.
The West India Company, established in 1621, was built upon shakier economic foundations; trade in commodities was less important than the trade in slaves, in which the Dutch were preeminent in the 17th century, and privateering, which operated primarily out of Zeeland ports and preyed upon Spanish (and other) shipping.
In the 17th century the Dutch – traditionally able seafarers and keen mapmakers – began to trade with the Far East, and as the century wore on, they gained an increasingly dominant position in world trade, a position previously occupied by the Portuguese and Spanish.
Formed in 1579, by 1650 the Republic was dominating European trade and had developed an impressive overseas empire, outshining that of the Portuguese and rivalling that of the Spanish. Dutch merchants grew rich on the proceeds of trade and the profits from home industries.
