Some 300 years ago, the Netherlands was the dominant player on the world’s trade stage. The Dutch East India Company (Vereenigde Oost-Indische Compagnie, VOC), which was one of the first joint stock companies in the world, imported spice, silk, porcelain and gold from the East. It was a multinational business conglomerate that pursued shipbuilding, shipping, financing, resource development and general trading. Amsterdam was also home to one of the world’s first stock exchanges.
The shipyard of the Dutch East India Company in Amsterdam (circa 1750) Also behind the Netherlands’ rise was the spirit of tolerance. In the 16th century, many Jews migrated to the Netherlands, leaving behind Catholic countries that pressured them to convert. By virtue of this, the country could benefit from the capital and personal connections possessed by the Jews, as well as their keen insight into business.
The Dutch economic history can be resumed in very few words: “A small country able to reach a big success.” A country of only 1.5 million inhabitants was able to reach a large power thanks to the adventurous spirit of its navigators and their constant wish for innovation. The ships produced by their shipyards could transport more goods and their joint stock system, i.e., their innovative financial system, pushed them to diversify the risk of their business resulting in the accumulation of richness.
Rivalry with the Netherlands stimulated the growth of the British Empire and Dutch influence in Japan spurred it to become the first Asian country that was westernised. Last year was the 400th anniversary of the opening of trade between Japan and the Netherlands.
Korea first came into contact with the Dutch and the West for that matter, through the Dutch sailor Jan Janse Weltevree (1595-??) and the Dutch VOC bookkeeper Hendrick Hamel (1630-1692) whose ship was wrecked on Korean shores in the 17th century. Weltevree brought knowledge of the age’s modern weapons, useful for a Korean army that was preparing for a war against its neighbour in the north. And Hamel introduced Korea and its people to Europe after publishing his famous journal on his 13-year stay in Korea. But no trade took place between Korea and Europe and Korea remained a Hermit Kingdom.
Korea has grown into a land of shipbuilding, shipping and trade that criss-crosses the entire world like the Netherlands did long ago. Korea does not feel like such a small country anymore. As a vice finance minister reportedly said, “Koreans have a spirit of perseverance. They rise up again like a tumbling doll. Korea is no longer an underdog.” He said this to business leaders interested in investing in Korea when he met them in New York, once known to its Dutch colonizers as New Amsterdam.
If Korea can continue to lead in pursuing innovation and at the same time demonstrate tolerance toward others, it will be known as a small country that has achieved great success, like the Netherlands did before.
Rivalry with the Netherlands stimulated the growth of the British Empire and Dutch influence in Japan spurred it to become the first Asian country that was westernised. Last year was the 400th anniversary of the opening of trade between Japan and the Netherlands.
Korea first came into contact with the Dutch and the West for that matter, through the Dutch sailor Jan Janse Weltevree (1595-??) and the Dutch VOC bookkeeper Hendrick Hamel (1630-1692) whose ship was wrecked on Korean shores in the 17th century. Weltevree brought knowledge of the age’s modern weapons, useful for a Korean army that was preparing for a war against its neighbour in the north. And Hamel introduced Korea and its people to Europe after publishing his famous journal on his 13-year stay in Korea. But no trade took place between Korea and Europe and Korea remained a Hermit Kingdom.
Korea has grown into a land of shipbuilding, shipping and trade that criss-crosses the entire world like the Netherlands did long ago. Korea does not feel like such a small country anymore. As a vice finance minister reportedly said, “Koreans have a spirit of perseverance. They rise up again like a tumbling doll. Korea is no longer an underdog.” He said this to business leaders interested in investing in Korea when he met them in New York, once known to its Dutch colonizers as New Amsterdam.
If Korea can continue to lead in pursuing innovation and at the same time demonstrate tolerance toward others, it will be known as a small country that has achieved great success, like the Netherlands did before.
Giorgio Olivotto
Seoul, Korea
December 12. 2010
Seoul, Korea
December 12. 2010
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