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Early Modern History. Table of Contents. Sign in to annotate. Delete Cancel Save. Cancel Save. The Dutch and English had to obtain it by creating a trade surplus with other European countries. Coen discovered the obvious solution for the problem: to start an intra-Asiatic trade system, whose profits could be used to finance the spice trade with Europe.

In the long run this obviated the need for exports of precious metals from Europe, though at first it required the formation of a large trading-capital fund in the Indies. The VOC reinvested a large share of its profits to this end in the period up to Silver and copper from Japan were used to trade with the world's wealthiest empires, Mughal India and Qing China , for silk, cotton, porcelain, and textiles. These products were either traded within Asia for the coveted spices or brought back to Europe.

The company supported Christian missionaries and traded modern technology with China and Japan. A more peaceful VOC trade post on Dejima , an artificial island off the coast of Nagasaki , was for more than two hundred years the only place where Europeans were permitted to trade with Japan. In , the VOC obtained the port of Galle , Ceylon , from the Portuguese and broke the latter's monopoly of the cinnamon trade.

In , Gerard Pietersz. By , the Portuguese had been expelled from the coastal regions, which were then occupied by the VOC, securing for it the monopoly over cinnamon. To prevent the Portuguese or the English from ever recapturing Sri Lanka, the VOC went on to conquer the entire Malabar Coast from the Portuguese, almost entirely driving them from the west coast of India. When news of a peace agreement between Portugal and the Netherlands reached Asia in , Goa was the only remaining Portuguese city on the west coast.

In , Jan van Riebeeck established a resupply outpost at the Cape of Storms the southwestern tip of Africa, now Cape Town , South Africa to service company ships on their journey to and from East Asia. The cape was later renamed Cape of Good Hope in honour of the outpost's presence. Although non-company ships were welcome to use the station, they were charged exorbitantly. This post later became a full-fledged colony, the Cape Colony , when more Dutch and other Europeans started to settle there.

Direct access to mainland China came in when a factory was established in Canton. The treaty allowed the VOC to build a trading post in the area and eventually to monopolise the trade there, especially the gold trade. Many of the VOC employees inter-mixed with the indigenous peoples and expanded the population of Indos in pre-colonial history.

Around , two events caused the growth of VOC trade to stall. In the first place, the highly profitable trade with Japan started to decline. The loss of the outpost on Formosa to Koxinga in the Siege of Fort Zeelandia and related internal turmoil in China where the Ming dynasty was being replaced with the China's Qing dynasty brought an end to the silk trade after The shogunate enacted a number of measures to limit the export of these precious metals, in the process limiting VOC opportunities for trade, and severely worsening the terms of trade.

This caused a spike in the price of pepper, which enticed the English East India Company EIC to enter this market aggressively in the years after Previously, one of the tenets of the VOC pricing policy was to slightly over-supply the pepper market, so as to depress prices below the level where interlopers were encouraged to enter the market instead of striving for short-term profit maximisation. The wisdom of such a policy was illustrated when a fierce price war with the EIC ensued, as that company flooded the market with new supplies from India.

Indeed, by , the latter came close to bankruptcy; its share price plummeted from to ; and its president Josiah Child was temporarily forced from office. However, the writing was on the wall. The VOC therefore closed the heretofore flourishing open pepper emporium of Bantam by a treaty of with the Sultan. Also, on the Coromandel Coast , it moved its chief stronghold from Pulicat to Negapatnam , so as to secure a monopoly on the pepper trade at the detriment of the French and the Danes.

The military outlays that the VOC needed to make to enhance its monopoly were not justified by the increased profits of this declining trade. Nevertheless, this lesson was slow to sink in and at first the VOC made the strategic decision to improve its military position on the Malabar Coast hoping thereby to curtail English influence in the area, and end the drain on its resources from the cost of the Malabar garrisons by using force to compel the Zamorin of Calicut to submit to Dutch domination.

For a brief time, this appeared to improve the company's prospects. However, in , with EIC encouragement, the Zamorin renounced the treaty. Though a Dutch army managed to suppress this insurrection temporarily, the Zamorin continued to trade with the English and the French, which led to an appreciable upsurge in English and French traffic. The VOC decided in that it was no longer worth the trouble to try to dominate the Malabar pepper and spice trade.

A strategic decision was taken to scale down the Dutch military presence and in effect yield the area to EIC influence. Marthanda Varma agreed to spare the Dutch captain's life on condition that he joined his army and trained his soldiers on modern lines. This defeat in the Travancore-Dutch War is considered the earliest example of an organised Asian power overcoming European military technology and tactics; and it signalled the decline of Dutch power in India.

The attempt to continue as before as a low volume-high profit business enterprise with its core business in the spice trade had therefore failed. The company had however already reluctantly followed the example of its European competitors in diversifying into other Asian commodities, like tea, coffee, cotton, textiles, and sugar.

These commodities provided a lower profit margin and therefore required a larger sales volume to generate the same amount of revenue. This structural change in the commodity composition of the VOC's trade started in the early s, after the temporary collapse of the EIC around offered an excellent opportunity to enter these markets. The actual cause for the change lies, however, in two structural features of this new era.

In the first place, there was a revolutionary change in the tastes affecting European demand for Asian textiles, coffee and tea, around the turn of the 18th century. Secondly, a new era of an abundant supply of capital at low interest rates suddenly opened around this time. The second factor enabled the company easily to finance its expansion in the new areas of commerce.

The overall effect was approximately to double the size of the company. The tonnage of the returning ships rose by percent in this period. However, the company's revenues from the sale of goods landed in Europe rose by only 78 percent. This reflects the basic change in the VOC's circumstances that had occurred: it now operated in new markets for goods with an elastic demand, in which it had to compete on an equal footing with other suppliers.

This made for low profit margins. This lack of information might have been counteracted as in earlier times in the VOC's history by the business acumen of the directors. Unfortunately by this time these were almost exclusively recruited from the political regent class, which had long since lost its close relationship with merchant circles. Low profit margins in themselves do not explain the deterioration of revenues. To a large extent the costs of the operation of the VOC had a "fixed" character military establishments; maintenance of the fleet and such.

Profit levels might therefore have been maintained if the increase in the scale of trading operations that in fact took place had resulted in economies of scale. However, though larger ships transported the growing volume of goods, labour productivity did not go up sufficiently to realise these. In general the company's overhead rose in step with the growth in trade volume; declining gross margins translated directly into a decline in profitability of the invested capital.

The era of expansion was one of "profitless growth". The long-term average annual profit in the 'Expansion Age' — was 2. In the earlier period, profits averaged 18 percent of total revenues; in the latter period, 10 percent. The annual return of invested capital in the earlier period stood at approximately 6 percent; in the latter period, 3. Nevertheless, in the eyes of investors the VOC did not do too badly.

The share price hovered consistently around the mark from the mids excepting a hiccup around the Glorious Revolution in , and they reached an all-time high of around in the s. VOC shares then yielded a return of 3. After , the fortunes of the VOC started to decline. Five major problems, not all of equal weight, explain its decline over the next fifty years to [].

Despite these problems, the VOC in remained an enormous operation. The prospects of the company at this time therefore were not hopeless, had one of the plans for reform been undertaken successfully. However, the Fourth Anglo-Dutch War intervened. British attacks in Europe and Asia reduced the VOC fleet by half; removed valuable cargo from its control; and devastated its remaining power in Asia.

Loans to keep the company operating reduced its net assets to zero. From on, the market for sugar from Indonesia declined as the competition from cheap sugar from Brazil increased. European markets became saturated.

Dozens of Chinese sugar traders went bankrupt, which led to massive unemployment, which in turn led to gangs of unemployed coolies. The Dutch government in Batavia did not adequately respond to these problems. In , rumours of deportation of the gangs from the Batavia area led to widespread rioting.

The Dutch military searched houses of Chinese in Batavia for weapons. When a house accidentally burnt down, military and impoverished citizens started slaughtering and pillaging the Chinese community. After vain attempts at reorganisation by the provincial States of Holland and Zeeland, it was nationalised by the new Batavian Republic on 1 March The VOC is generally considered to be the world's first truly transnational corporation and it was also the first multinational enterprise to issue shares of stock to the public.

Some historians such as Timothy Brook and Russell Shorto consider the VOC as the pioneering corporation in the first wave of the corporate globalisation era. While the VOC mainly operated in what later became the Dutch East Indies modern Indonesia , the company also had important operations elsewhere. It employed people from different continents and origins in the same functions and working environments. Although it was a Dutch company its employees included not only people from the Netherlands, but also many from Germany and from other countries as well.

Asian or Eurasian workers might be employed as sailors, soldiers, writers, carpenters, smiths, or as simple unskilled workers. The VOC had two types of shareholders: the participanten , who could be seen as non-managing members, and the 76 bewindhebbers later reduced to 60 who acted as managing directors. This was the usual set-up for Dutch joint-stock companies at the time.

The innovation in the case of the VOC was that the liability of not just the participanten but also of the bewindhebbers was limited to the paid-in capital usually, bewindhebbers had unlimited liability. The VOC therefore was a limited liability company. Also, the capital would be permanent during the lifetime of the company. As a consequence, investors that wished to liquidate their interest in the interim could only do this by selling their share to others on the Amsterdam Stock Exchange.

They were selected from the bewindhebber -class of shareholders. Of the Heeren XVII , eight delegates were from the Chamber of Amsterdam one short of a majority on its own , four from the Chamber of Zeeland, and one from each of the smaller Chambers, while the seventeenth seat was alternatively from the Chamber of Middelburg-Zeeland or rotated among the five small Chambers.

Amsterdam had thereby the decisive voice. The Zeelanders in particular had misgivings about this arrangement at the beginning. The fear was not unfounded, because in practice it meant Amsterdam stipulated what happened. The raising of capital in Rotterdam did not go so smoothly.

A considerable part originated from inhabitants of Dordrecht. Although it did not raise as much capital as Amsterdam or Middelburg-Zeeland, Enkhuizen had the largest input in the share capital of the VOC. Under the first shareholders, there were many small entrepreneurs, who dared to take the risk. The minimum investment in the VOC was 3, guilders, which priced the company's stock within the means of many merchants. Among the early shareholders of the VOC, immigrants played an important role.

VOC's total capitalisation was ten times that of its British rival. They defined the VOC's general policy and divided the tasks among the Chambers. The Chambers carried out all the necessary work, built their own ships and warehouses and traded the merchandise. The Heeren XVII sent the ships' masters off with extensive instructions on the route to be navigated, prevailing winds, currents, shoals and landmarks.

The VOC also produced its own charts. Other colonial outposts were also established in the East Indies , such as on the Maluku Islands , which include the Banda Islands , where the VOC forcibly maintained a monopoly over nutmeg and mace. Methods used to maintain the monopoly involved extortion and the violent suppression of the native population, including mass murder. The seventeenth-century Dutch businessmen, especially the VOC investors, were possibly the history's first recorded investors to seriously consider the corporate governance 's problems.

In , he complained of the VOC's shoddy corporate governance. On 24 January , Le Maire filed a petition against the VOC, marking the first recorded expression of shareholder activism. In what is the first recorded corporate governance dispute, Le Maire formally charged that the VOC's board of directors the Heeren XVII sought to "retain another's money for longer or use it ways other than the latter wishes" and petitioned for the liquidation of the VOC in accordance with standard business practice.

Since his large shareholdings were not accompanied by greater voting power, Le Maire was soon ousted by other governors in on charges of embezzlement, and was forced to sign an agreement not to compete with the VOC. Having retained stock in the company following this incident, in Le Maire would become the author of what is celebrated as "first recorded expression of shareholder advocacy at a publicly traded company".

In , the history's first recorded shareholder revolt also happened among the VOC investors who complained that the company account books had been "smeared with bacon" so that they might be "eaten by dogs. The commercial interests of the VOC and more generally the Netherlands were reflected in military objectives and the settlements agreed by treaty. The British also gave up claims on Suriname as part of the Treaty of Westminster. There was also an effort to compensate the war-related losses of the Dutch West India Company in the midth Century by the profits of the VOC, though this was ultimately blocked.

The Netherlands United East Indies Company Verenigde Oostindische Compagnie, or VOC , founded in , was the world's first multinational, joint-stock, limited liability corporation — as well as its first government-backed trading cartel. Our own East India Company , founded in , remained a coffee-house clique until , when it, too, began selling shares, not in individual voyages, but in John Company itself, by which time its Dutch rival was by far the biggest commercial enterprise the world had known.

As populations grew, more robust legal and financial infrastructures began to develop across Europe. Those infrastructures, combined with advances in shipping technology, made large-scale trade feasible for the first time. In , the Dutch East India Company was formed.

It was a new type of institution: the first multinational company, and the first to issue public stock. These innovations allowed a single company to mobilize financial resources from a large number of investors and create ventures at a scale that had previously only been possible for monarchs. In terms of global business history, the lessons from the VOC's successes or failures are critically important. One could craft a defensible argument that no company in history has had such an impact on the world.

In innumerable ways the VOC both expanded the world and brought its far-flung regions together. It pioneered globalisation and invented what might be the first modern bureaucracy. It advanced cartography and shipbuilding. It fostered disease, slavery, and exploitation on a scale never before imaged. A pioneering early model of the multinational corporation in its modern sense, [] [] [] [] the company is also considered to be the world's first true transnational corporation.

In the early s, the VOC became the world's first formally listed public company because it was the first corporation to be ever actually listed on a formal stock exchange. During its golden age, the company played crucial roles in business , financial, [n] socio-politico-economic, military-political, diplomatic , ethnic , and exploratory maritime history of the world. In the early modern period, the VOC was also the driving force behind the rise of corporate-led globalization , [] [2] corporate power, corporate identity , corporate culture , corporate social responsibility , corporate ethics, corporate governance , corporate finance , corporate capitalism , and finance capitalism.

With its pioneering institutional innovations and powerful roles in world history, [] the company is considered by many to be the first major, first modern, [o] [] [] [] first global, most valuable, [] [] and most influential corporation ever seen. The defining characteristics of the modern corporation, all of which emerged during the Dutch cycle , include: limited liability for investors, free transferability of investor interests, legal personality and centralised management.

Although some of these characteristics were present to a certain extent in the fourteenth-century Genoese societas comperarum of the first cycle , the first wholly cognisable modern limited liability public company was the VOC. The organisational structures and corporate practices of the VOC were closely paralleled by the English East India Company and served as the direct model for all of the later mercantile trading companies of the second cycle , including those of Italy, France , Portugal, Denmark , and Brandenburg-Prussia.

There are other claimants to the title of first public company, including a twelfth-century water mill in France and a thirteenth-century company intended to control the English wool trade, Staple of London. Its shares, however, and the manner in which those shares were traded, did not truly allow public ownership by anyone who happened to be able to afford a share. The arrival of VOC shares was therefore momentous, because as Fernand Braudel pointed out, it opened up the ownership of companies and the ideas they generated, beyond the ranks of the aristocracy and the very rich, so that everyone could finally participate in the speculative freedom of transactions.

By expanding ownership of its company pie for a certain price and a tentative return, the Dutch had done something historic: they had created a capital market. The VOC played a crucial role in the rise of corporate-led globalisation , [] corporate governance , corporate identity , [] corporate social responsibility , corporate finance , modern entrepreneurship , and financial capitalism. These financially revolutionary innovations allowed a single company like the VOC to mobilise financial resources from a large number of investors and create ventures at a scale that had previously only been possible for monarchs.

In the words of Canadian historian and sinologist Timothy Brook , "the Dutch East India Company — the VOC, as it is known — is to corporate capitalism what Benjamin Franklin's kite is to electronics : the beginning of something momentous that could not have been predicted at the time.

Considered by many experts to be the world's first truly modern multinational corporation , [] the VOC was also the first permanently organised limited-liability joint-stock company , with a permanent capital base. The VOC is often considered as the precursor of modern corporations, if not the first truly modern corporation.

With its pioneering features such as corporate identity first globally recognised corporate logo , entrepreneurial spirit, legal personhood , transnational multinational operational structure, high and stable profitability, permanent capital fixed capital stock , [] freely transferable shares and tradable securities , separation of ownership and management, and limited liability for both shareholders and managers, the VOC is generally considered a major institutional breakthrough [] and the model for large corporations that now dominate the global economy.

The stock market — the daytime adventure serial of the well-to-do — would not be the stock market if it did not have its ups and downs. Apart from the economic advantages and disadvantages of stock exchanges — the advantage that they provide a free flow of capital to finance industrial expansion, for instance, and the disadvantage that they provide an all too convenient way for the unlucky, the imprudent, and the gullible to lose their money — their development has created a whole pattern of social behavior, complete with customs, language, and predictable responses to given events.

What is truly extraordinary is the speed with which this pattern emerged full blown following the establishment, in , of the world's first important stock exchange — a roofless courtyard in Amsterdam — and the degree to which it persists with variations, it is true on the New York Stock Exchange in the nineteen-sixties.

Present-day stock trading in the United States — a bewilderingly vast enterprise, involving millions of miles of private telegraph wires, computers that can read and copy the Manhattan Telephone Directory in three minutes, and over twenty million stockholder participants — would seem to be a far cry from a handful of seventeenth-century Dutchmen haggling in the rain.

But the field marks are much the same. The first stock exchange was, inadvertently, a laboratory in which new human reactions were revealed. By the same token, the New York Stock Exchange is also a sociological test tube, forever contributing to the human species' self-understanding. The behaviour of the pioneering Dutch stock traders is ably documented in a book entitled "Confusion of Confusions," written by a plunger on the Amsterdam market named Joseph de la Vega ; originally published in Business ventures with multiple shareholders became popular with commenda contracts in medieval Italy Greif , , p.

Yet the title of the world's first stock market deservedly goes to that of seventeenth-century Amsterdam, where an active secondary market in company shares emerged. Other companies existed, but they were not as large and constituted a small portion of the stock market. The VOC was a driving force behind the rise of Amsterdam as the first modern model of international financial centres [s] that now dominate the global financial system.

With their political independence, huge maritime and financial power, [] [] Republican-period Amsterdam and other Dutch cities — unlike their Southern Netherlandish cousins and predecessors such as Burgundian-rule Bruges [] and Habsburg-rule Antwerp [] [] [] — could control crucial resources and markets directly, sending their combined fleets to almost all quarters of the globe.

It was in the 17th-century Dutch Republic that the global securities market began to take on its modern form. And it was in Amsterdam that the important institutional innovations such as publicly traded companies, transnational corporations, capital markets including bond markets and stock markets , central banking system, investment banking system, and investment funds mutual funds were systematically operated for the first time in history.

While the Italian city-states produced first formal bond markets , they did not develop the other ingredient necessary to produce a fully fledged capital market: the formal stock market. The launch of the Amsterdam Stock Exchange by the VOC in the early s, has long been recognised as the origin of 'modern' stock exchanges that specialise in creating and sustaining secondary markets in the securities such as bonds and shares of stock issued by corporations.

The process of buying and selling these shares of stock in the VOC became the basis of the first official formal stock market in history. The Dutch pioneered stock futures , stock options , short selling , bear raids , debt-equity swaps, and other speculative instruments. I don't understand why you're all being so negative and unpleasant. Let's just be happy with each other.

Let's just say "the Netherlands can do it" again: that VOC mentality. Look across our borders. Don't you think? The charter of the Dutch East India Company stipulated that any Dutch citizen could buy shares in the company. Many did grasp this opportunity. And they were not only wealthy merchants! Among these first shareholders were corn dealers, grocers, bakers, brewers, tailors, seamstresses, sail makers, carpenters, cobblers and servants.

One of the most modest participants was the Mayor of Amsterdam's maid. Her name was Grietje Dirksdochter. Grietje saw a tipping point in Dutch history. This new opening provided ordinary people like her not only with the opportunity of becoming a shareholder of a mere shipping company. It provided her with the opportunity of becoming a shareholder of the Dutch Golden Age. Of an exciting era of social development and economic growth. She was taking part in a new, dynamic economy.

The idea of a highly competitive and organised active mainly in Greater India but headquartered in the United Provinces of the Netherlands Dutch government-backed privately financed military-commercial enterprise was the wartime brainchild of the leading republican statesman Johan van Oldenbarnevelt and the States-General in the late s.

In other words, the VOC was a fully functioning military-political-commercial complex in its own right rather than a pure trading company or shipping company. Only a unique federal state such as the Dutch Republic could have dreamed up a federal company structure. The VOC combined flexibility with strength, giving the Dutch a huge advantage in the competition to dominate maritime trade to Asia.

Within a few decades, the VOC proved itself to be the most powerful trading corporation in the seventeenth-century world and the model for the large-scale business enterprises that now dominate the global economy. The company was a major force behind the financial revolution [v] [] [] and economic miracle [] [] [] of the young Dutch Republic in the 17th century. During their Golden Age , the Dutch Republic or the Northern Netherlands , as the resource-poor and obscure cousins of the more urbanised Southern Netherlands , rose to become the world's leading economic and financial superpower.

The Dutch Republic was an early industrialized nation-state in its Golden Age. The VOC's shipyards also contributed greatly to the Dutch domination of global shipbuilding and shipping industries during the s.

However, in a typical multicultural society of the Netherlands home to one million citizens with roots in the former colonies Indonesia, Suriname and the Antilles , [] the VOC's history and especially its dark side has always been a potential source of controversy. However, it unleashed a wave of criticism, since such romantic views about the Dutch Golden Age ignores the inherent historical associations with colonialism, exploitation and violence.

Balkenende later stressed that "it had not been his intention to refer to that at all". Its [the VOC's] fame as the first public company, which heralded the transition from feudalism to modern capitalism, [aa] and its remarkable financial success for nearly two centuries ensure its importance in the history of capitalism.

Here [17th-century Ternate , North Maluku , Indonesia], surely, was a very early, fully operational manifestation of international integration, the embryonic form of today's ubiquitous globalisation. We would recognise its constituent elements. Here was the tenuous but well-structured supply-chain , extended all the way from Banda to Amsterdam, via numerous ports and functionaries, administered with brutal efficiency by the Dutch East India Company, perhaps the first business organisation that bears resemblance to today's multinational corporations.

The company raised money by issuing shares. It had the first widely-recognised commercial logo. Even without today's computers, the company's officials were linked through a hierarchy of regular detailed reporting and accounting. Production was brought together in plantations and processed in 'factories'. Near-subsistence agriculture was replaced with scale and quality control, supervised by the perkeniers with an incentivising profit-sharing deal with the company. Customer feedback was insistently relayed to producers: 'small nutmegs are of no value'.

This mighty machine produced tons of nutmeg annually and transported it across hazardous waters to deliver it to the burghers of Holland and on to the rest of Europe's spice-hungry upper-class. Ad hoc trade between nations, with goods passing through many hands, many owners and many markets, was replaced by 'straight-through' processing by a single entity — the Dutch East India Company. The VOC was a transcontinental employer and an early pioneer of outward foreign direct investment at the dawn of modern capitalism.

In his book The Ecology of Money: Debt, Growth, and Sustainability , Adrian Kuzminski notes, "The Dutch, it seems, more than anyone in the West since the palmy days of ancient Rome, had more money than they knew what to do with. They discovered, unlike the Romans, that the best use of money was to make more money. They invested it, mostly in overseas ventures, utilising the innovation of the joint-stock company in which private investors could purchase shares, the most famous being the Dutch East India Company.

In the early modern period, the Dutch were pioneering capitalists who raised the commercial and industrial potential of underdeveloped or undeveloped lands whose resources they exploited, whether for better or worse. For example, the native economies of pre-VOC-era Taiwan [ab] and South Africa were virtually undeveloped or were in almost primitive states. In many way, recorded economic history of Taiwan and South Africa began with the golden age of the VOC in the 17th century.

The VOC existed for almost years from its founding in , when the States-General of the Netherlands granted it a year monopoly over Dutch operations in Asia until its demise in During those two centuries between and , the VOC sent almost a million Europeans to work in the Asia trade on 4, ships, and netted for their efforts more than 2. By contrast, the rest of Europe combined sent only , people from to , and the fleet of the English later British East India Company , the VOC's nearest competitor, was a distant second to its total traffic with 2, ships and a mere one-fifth the tonnage of goods carried by the VOC.

The VOC enjoyed huge profits from its spice monopoly through most of the 17th century. A CorporNation's vast global influence [] enables it to function simultaneously in two realms: a for-profit company , and as a force that can shape the geopolitical landscape.

Google isn't the only CorporNation; Goldman Sachs is clearly in that category — as the Greek political crisis has revealed, the company has been a partner in deceit with governments that used financial alchemy to disguise deficits as off-balance sheet baubles. Wal-Mart functioned as a CorporNation during Katrina. CorporNations aren't new. Indeed, they are as old as capitalism, going back to the Dutch East India Company, which was chartered in , became the world's first global company and transformed Holland into a colonial power as it dominated the East.

A chartered company, the first with publicly traded stocks, and—within a few decades of its foundation—the richest company in the world, the VOC was not merely a business interest. It constituted a politogen, even a state in itself. By , it commanded over two hundred ships, a quarter of them warships, and ten thousand soldiers. The Dutch state had granted the VOC law-making, war-making, and judicial authority.

It founded colonies that proved to be fully functioning, if not fully independent, states that lasted for centuries. It deported and imported populations to build new societies dedicated to a productive economy, it annihilated horizontal communities, and toppled preexisting local states. One of the VOC's most groundbreaking achievements was to organize, practically alone, an intercontinental cycle of accumulation that was vital to the emergence of global capitalism and the modern state.

The VOC was historically a military-political-economic complex rather than a pure trading company or shipping company. The government-backed but privately financed company was effectively a state in its own right, or a state within another state. The company's territories were even larger than some countries. Much has also been learned about the VOC and Dutch colonial societies.

In contrast, the role of the VOC in cultural history and especially in the history of visual and material culture has not yet attracted comparable interest. To be sure, journals and other travel accounts some even with illustrations by soldiers, shippers, and VOC officials among others have been utilized as sources.

During the Dutch Golden Age , the Dutch — using their expertise in doing business, cartography, shipbuilding, seafaring and navigation — traveled to the far corners of the world, leaving their language embedded in the names of many places. Dutch exploratory voyages revealed largely unknown landmasses to the civilised world and put their names on the world map.

During the Golden Age of Dutch exploration c. The Dutch came to dominate the map-making and map printing industry by virtue of their own travels, trade ventures, and widespread commercial networks. Instead of using the information themselves secretly, they published it, so the maps multiplied freely. For almost years, the Dutch dominated world trade.

Rangaku literally 'Dutch Learning', and by extension 'Western Learning' is a body of knowledge developed by Japan through its contacts with the Dutch enclave of Dejima , which allowed Japan to keep abreast of Western technology and medicine in the period when the country was closed to foreigners, —, because of the Tokugawa shogunate 's policy of national isolation sakoku.

From about Rembrandt sought increasingly to introduce variation into his prints by using different sorts of paper, and printed most of his plates regularly on Japanese paper. He also used the paper for his drawings. The Japanese paper types — which was actually imported from Japan by the VOC — attracted Rembrandt with its warm, yellowish colour. The Dutch polity of the seventeenth century was famously unconcerned with territorial expansion: as long as the frontier operated effectively as a defensive shield, no extra land was deemed necessary.

He was turned back by the ice of the Arctic in his second attempt, so he sailed west to seek a north-west passage rather than return home. He ended up exploring the waters off the east coast of North America aboard the vlieboot Halve Maen. His first landfall was at Newfoundland and the second at Cape Cod. Hudson believed that the passage to the Pacific Ocean was between the St. Lawrence River and Chesapeake Bay , so he sailed south to the Bay then turned northward, traveling close along the shore.

He first discovered Delaware Bay and began to sail upriver looking for the passage. This effort was foiled by sandy shoals, and the Halve Maen continued north. Unbeknownst to Hudson, the narrows had already been discovered in by explorer Giovanni da Verrazzano ; today, the bridge spanning them is named after him. He found the water too shallow to proceed several days later, at the site of present-day Troy, New York. Upon returning to the Netherlands, Hudson reported that he had found a fertile land and an amicable people willing to engage his crew in small-scale bartering of furs, trinkets, clothes, and small manufactured goods.

In four voyages made between and , the area between present-day Maryland and Massachusetts was explored, surveyed, and charted by Adriaen Block , Hendrick Christiaensen , and Cornelius Jacobsen Mey. The results of these explorations, surveys, and charts made from through were consolidated in Block's map, which used the name New Netherland for the first time. In terms of world history of geography and exploration, the VOC can be credited with putting most of Australia's coast then Hollandia Nova and other names on the world map, between and In the 17th century, the VOC's navigators and explorers charted almost three-quarters of Australia's coastline, except its east coast.

Hendrik Brouwer 's discovery of the Brouwer Route , that sailing east from the Cape of Good Hope until land was sighted and then sailing north along the west coast of Australia was a much quicker route than around the coast of the Indian Ocean, made Dutch landfalls on the west coast inevitable. The first such landfall was in , when Dirk Hartog landed at Cape Inscription on what is now known as Dirk Hartog Island , off the coast of Western Australia, and left behind an inscription on a pewter plate.

In the Dutch captain Willem de Vlamingh landed on the island and discovered Hartog's plate. He replaced it with one of his own, which included a copy of Hartog's inscription, and took the original plate home to Amsterdam , where it is still kept in the Rijksmuseum Amsterdam. The first known ship to have visited the area is the Leeuwin "Lioness" , a Dutch vessel that charted some of the nearby coastline in The log of the Leeuwin has been lost, so very little is known of the voyage.

However, the land discovered by the Leeuwin was recorded on a map by Hessel Gerritsz : Caert van't Landt van d'Eendracht "Chart of the Land of Eendracht" , which appears to show the coast between present-day Hamelin Bay and Point D'Entrecasteaux. Part of Thijssen's map shows the islands St Francis and St Peter, now known collectively with their respective groups as the Nuyts Archipelago. This voyage defined most of the southern coast of Australia and discouraged the notion that " New Holland " as it was then known, was linked to Antarctica.

In , during the same expedition, Tasman's crew discovered and charted New Zealand 's coastline. They were the first Europeans known to reach New Zealand. Tasman sketched sections of the two main islands' west coasts. Tasman called them Staten Landt , after the States General of the Netherlands , and that name appeared on his first maps of the country.

Various claims have been made that New Zealand was reached by other non- Polynesian voyagers before Tasman, but these are not widely accepted. One of the paradoxes of the Company [VOC] is that the Dutch were the most liberal and humane nation in Europe at that time , and yet they created in the Company a very efficient monstrosity. It should not be forgotten that the Netherlands at the time was a newly independent nation, in true existential peril from their former Spanish masters , who committed a number of atrocities on Dutch soil.

In this situation the Netherlands needed the huge monopoly profits promised by Jan Pieterszoon Coen 's vision for the Company, which entailed not only shutting out other European powers with violence, but even dominating trade among the Asians themselves. The company has been criticised for its quasi-absolute commercial monopoly, colonialism , exploitation including use of slave labour , slave trade , use of violence, environmental destruction including deforestation , and overly bureaucratic in organisational structure.

Your Honours know by experience that trade in Asia must be driven and maintained under the protection and favour of Your Honours' own weapons, and that the weapons must be paid for by the profits from the trade; so that we cannot carry on trade without war nor war without trade. By the time the settlement was established at the Cape in , the VOC already had a long experience of practicing slavery in the East Indies.

Jan van Riebeeck concluded within two months of the establishment of the Cape settlement that slave labor would be needed for the hardest and dirtiest work. Initially, the VOC considered enslaving men from the indigenous Khoikhoi population, but the idea was rejected on the grounds that such a policy would be both costly and dangerous.

Most Khoikhoi had chosen not to labor for the Dutch because of low wages and harsh conditions. In the beginning, the settlers traded with the Khoikhoi but the harsh working conditions and low wages imposed by the Dutch led to a series of wars. The European population remained under during the settlement's first five years, and war against neighbors numbering more than 20, would have been foolhardy.

Moreover, the Dutch feared that Khoikhoi people, if enslaved, could always escape into the local community, whereas foreigners would find it much more difficult to elude their "masters. Between and , a number of unsuccessful attempts were made to obtain men from the Dutch East Indies and from Mauritius. In , however, the VOC landed two shiploads of slaves at the Cape, one containing more than people brought from Dahomey later Benin , the second with almost people, most of them children, captured from a Portuguese slaver off the coast of Angola.

Except for a few individuals, these were to be the only slaves ever brought to the Cape from West Africa. From these sources and by natural growth, the slave population increased from zero in to about 1, by During the 18th century, the slave population increased dramatically to 16, by After the slave trade was initiated, all of the slaves imported into the Cape until the British stopped the trade in were from East Africa, Mozambique, Madagascar, and South and Southeast Asia.

Large numbers were brought from Ceylon and the Indonesian archipelago. Prisoners from other countries in the VOC's empire were also enslaved. The slave population, which exceeded that of the European settlers until the first quarter of the nineteenth century, was overwhelmingly male and was thus dependent on constant imports of new slaves to maintain and to augment its size.

By the s the Cape settlement was importing slaves from Ceylon, Malaya Malaysia , and Madagascar to work on the farms. In Doman, a Khoikhoi who had worked as a translator for the Dutch and had even traveled to Java, led an armed attempt to expel the Dutch from the Cape peninsula. The attempt was a failure, although warfare dragged on until an inconclusive peace was established a year later. During the following decade, pressure on the Khoikhoi grew as more of the Dutch became free burghers, expanded their landholdings, and sought pastureland for their growing herds.

War broke out again in and continued until , when Khoikhoi resistance was destroyed by a combination of superior European weapons and Dutch manipulation of divisions among the local people. Thereafter, Khoikhoi society in the western Cape disintegrated. Some people found jobs as shepherds on European farms; others rejected foreign rule and moved away from the Cape. The final blow for most came in when a Dutch ship brought smallpox to the Cape.

Hitherto unknown locally, the disease ravaged the remaining Khoikhoi, killing 90 percent of the population. The approximately 3, Europeans and slaves at the Cape in had increased by the end of the century to nearly 20, Europeans, and approximately 25, slaves. The VOC's operations trading posts and colonies produced not only warehouses packed with spices, coffee, tea, textiles, porcelain and silk, but also shiploads of documents.

The Dutch East India Company VOC , as a historical transcontinental company-state , is one of the best expertly researched business enterprises in history. For almost years of the company's existence — , the VOC had effectively transformed itself from a corporate entity into a state, an empire, or even a world in its own right. VOC World studies often included within a broader field of early-modern Dutch global world studies is an international multidisciplinary field focused on social, cultural, religious, scientific, technological, economic, financial, business, maritime, military, political, legal, diplomatic activities, organization and administration of the VOC and its colourful world.

Its lengthy history, widespread enterprises, and the survival of massive amounts of documentation — literally 1, meters of essays pertaining to the VOC may be found in the National Archives in The Hague, and many more documents are scattered in archives throughout Asia and in South Africa — have stimulated many works on economic and social history.

Important publications have also appeared on the trade, shipping, institutional organization, and administration of the VOC. The publication of the Theatrum Orbis Terrarum by Abraham Ortelius in marked the official beginning of the Golden Age of Netherlandish cartography c. In the Golden Age of Dutch exploration and discovery c.

A replica of the VOC vessel Batavia — Anonymous painting with Table Mountain in the background, Dutch church at Batavia , Dutch East Indies , A naval cannon Dejima , Nagasaki , Japan. Sword of the East India Company, featuring the V. VOC ships in Chittagong or Arakan. Second Flag of the Dutch East India Company, adopted with red stripe around or and beyond, for the purpose of better visibility at sea against a light sky. From Wikipedia, the free encyclopedia.

Not to be confused with Dutch West India Company. For other uses, see East India Company disambiguation. Former type. Further information: Spice trade and Cape Route. This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources.

Unsourced material may be challenged and removed. March Learn how and when to remove this template message. It was in Batavia present-day Jakarta on the island of Java that the VOC established its administrative center , as the second headquarters, with a Governor-General in charge from onwards. The company also had important operations elsewhere. This section is in list format, but may read better as prose. You can help by converting this section , if appropriate.

Editing help is available. February See also: Dutch East Indies. Main article: Dutch India. Main article: Dutch Taiwan. This section needs expansion. You can help by adding to it. July A year evolution of global stock markets and capital markets in general.

The formal stock market in its modern sense — as one of the potent mechanisms of modern capitalism [] [] [] — was a pioneering innovation by the VOC managers and shareholders in the early 17th century. Further information: Economic history of the Dutch Republic , Financial history of the Dutch Republic , Dutch Financial Revolution , Finance capitalism , Corporate finance , Financial system , Global financial system , History of financial markets , Capital market , Financial market , History of capitalism , and Corporate globalization.

Further information: Economic history of the Netherlands — , Dutch economic miracle c. The VOC was an early corporate pioneer of outward foreign direct investment at the dawn of modern capitalism. Overview of Fort Zeelandia in Dutch Formosa in the 17th-century. Groot Constantia , the oldest wine estate in South Africa. Like native economy of Taiwan in pre-VOC era , [] pre South Africa was virtually undeveloped or was in almost primitive state.

August See also: Dodo , Criticism of capitalism , Criticisms of globalization , and Corporate crime. For the full list of places explored, mapped, and named by people of the VOC, see List of place names of Dutch origin. A public company can be listed company publicly listed company or unlisted company unlisted public company. Before the VOC era, in terms of historical role, a bourse was not exactly a stock exchange in its modern sense.

With the establishment of the Dutch East India Company VOC and the rise of Dutch capital markets in the early s, the 'old' bourse a place to trade commodities , municipal and government bonds found a new purpose — a formal exchange that specialize in creating and sustaining secondary markets in the securities such as bonds and shares of stock issued by corporations — or a modern stock exchange as we know it today.

The term was used most prominently in Nigel Worden ed. The webbed character of the VOC World deserves further enquiry. This world should not be conceived as a firmly limited space of interaction or as exclusively 'Dutch'. Both the linkages between various VOC settlements as well as those to the worlds beyond should be taken into account, as the VOC created patterns of transport and safe spaces that facilitated the exchange of knowledge, goods and people.

All kinds of persons and groups participated in or made use of the VOC World, forming their own webs. One example are knowledge networks, which have become a topic of research only fairly recently. Another strong case are the networks of exiles as described by Kerry Ward in her aptly titled Networks of Empire While traditional multinational corporations are national companies with foreign subsidiaries, transnational corporations spread out their operations in many countries sustaining high levels of local responsiveness.

An example of a transnational corporation is the Royal Dutch Shell corporation whose headquarters may be in The Hague Netherlands but its registered office and main executive body is headquartered in London, United Kingdom. While the VOC established its main administrative center , as the second headquarters, in Batavia Dutch East Indies, — , the company's global headquarters was in Amsterdam Dutch Republic.

Also, the company had important operations elsewhere. They [the Dutch] did create one company that did have limited liability. So what that meant was, you could invest in this company, and it's just a game, you know? I can't lose more than I put into it. And if these guys turn out to be crooks and some of them are hanged for their crimes, no problem with me, because I'm an innocent investor.

So, it created a tremendous opportunity. It was talked about, because the stock price went up and up and up, and it made people rich who invested in it. But it was also very volatile. It went up and down. People had never seen anything like this before, because nothing was so actively traded, and had such an interesting story that you could change your mind about from one day to the next.

Anyway, I didn't want just tell stories. This is a story, though, that illustrates our last lecture. It was a breakthrough innovation. It was a kind of gambling , but not gambling. It was gambling on real things. And so, you know, people like to gamble , but, you know, it's usually a waste of their time. This is not a waste time. This was setting up trading around the world.

And so, it was important, it was a very important innovation. And it was an invention, kind of a social invention. I'm thinking, it's kind of analogous. We have recent inventions that we think about, the social media.

We have, you know, Facebook and other recent inventions. This was an invention like that. It was an invention that got people together and communicating and excited about something. And it created a sort of a game that people were playing that turned out to be productive.

That's why it was copied all over the world. So, the core concepts, which began in Holland in , are everywhere now. Every country of the world has this. The organisational structures and corporate practices of the VOC were closely paralleled by the English East India Company and served as the direct model for all of the later mercantile trading companies of the second cycle , including those of Italy, France, Portugal, Denmark, and Brandenburg-Prussia.

Within the Communist countries , the spectrum of socialism ranged from the quasi-market, quasi- syndicalist system of Yugoslavia to the centralized totalitarianism of neighboring Albania. One time I asked Professor von Mises , the great expert on the economics of socialism, at what point on this spectrum of statism would he designate a country as "socialist" or not.

At that time, I wasn't sure that any definite criterion existed to make that sort of clear-cut judgment. And so I was pleasantly surprised at the clarity and decisiveness of Mises's answer. For it means that there is a functioning market in the exchange of private titles to the means of production.

There can be no genuine private ownership of capital without a stock market: there can be no true socialism if such a market is allowed to exist. These early joint-stock firms, however, possessed only temporary charters from the government, in some cases for one voyage only.

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Zwaardecroon investment b vitamins The final blow for most came in when a Dutch ship brought smallpox to the Cape. Dutch East Indies. With its pioneering institutional innovations and powerful roles in world history, [] the company is considered by many to be the first major, first modern, [o] [] [] [] first global, most valuable, [] [] and most influential corporation ever seen. Nipissing University. Ramachandra
Zwaardecroon investment b vitamins Low profit margins in themselves do not explain the deterioration of revenues. There was also an effort to forex4you reviews the war-related losses of the Dutch West India Company in the midth Century by the profits of the VOC, though this was ultimately blocked. Thereafter, Khoikhoi society in the western Cape disintegrated. By the s the Cape settlement was importing slaves from Ceylon, Malaya Malaysiaand Madagascar to work on the farms. Overview of Fort Zeelandia in Dutch Formosa in the 17th-century.
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Fengchi investment news Download as PDF Printable version. The tonnage of the returning ships rose by percent in this period. Investment in these expeditions was a very high-risk venture, not only because of the usual zwaardecroon investment b vitamins of indian forex newreply, disease and shipwreck, but also because the interplay of inelastic demand and relatively elastic supply [71] of spices could make prices tumble, thereby ruining prospects of profitability. The attempt to continue as before as a low volume-high profit business enterprise with its core business in the spice trade had therefore failed. In the 17th century, the VOC's navigators and explorers charted almost three-quarters of Australia's coastline, except its east coast. Share Information. The Daily Telegraph.
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1 minute scalping forex method Inthe Dutch expelled the Portuguese from their Solor fort, but a subsequent Portuguese attack led to a second change of hands; following this second reoccupation, the Dutch once again captured Zwaardecroon investment b vitamins in Many of the VOC employees inter-mixed with the indigenous peoples and expanded the population of Indos in pre-colonial history. Those elements ensured its success at a time when the concept of the corporate identity was virtually unknown. But it was also very volatile. Originally a government-backed military-commercial enterprise, the VOC was the wartime brainchild of leading Dutch republican statesman Johan van Oldenbarnevelt and the States-General. Customer feedback was insistently relayed to producers: 'small nutmegs are of no value'. Retrieved 23 January
Vahik voskanian investment Retrieved 12 June With the establishment of the Dutch East India Company VOC and the interactive brokers forex ecn brokers of Dutch capital zwaardecroon investment b vitamins in the early s, the 'old' bourse a place to trade commoditiesmunicipal and government bonds found a new purpose — a formal exchange that specialize in creating and sustaining secondary markets in the securities such as bonds and shares of stock issued by corporations — or a modern stock exchange as we know it today. War broke out again in and continued untilwhen Khoikhoi resistance was destroyed by a combination of superior European weapons and Dutch manipulation of divisions among the local people. The share price hovered consistently around the mark from the mids excepting a hiccup around the Glorious Revolution inand they reached an all-time high of around in the s. Retrieved 27 January Inthe Dutch joined forces with the Muslim Hituese on Ambon Island in an anti-Portuguese alliance, in return for which the Dutch were given the sole right to purchase spices from Hitu.


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