First_capitalist_nation-state_.28foundations_of_modern_capitalism.29_.2817th_century.29 List_of_Dutch_inventions_and_discoveries

the shipyard of united east india company in amsterdam (1726 engraving joseph mulder). shipbuilding district of zaan, near amsterdam, became 1 of world s earliest known industrialized areas, around 900 wind-powered sawmill @ end of 17th century. in 1590s dutch shipbuilders began develop wind-driven sawmilling technology. seventeenth century dutch shipyards producing large number of ships standard design, allowing extensive division of labour, specialization further reduced unit costs.



a satire of tulip mania jan brueghel younger (ca. 1640) depicts speculators brainless monkeys in contemporary upper-class dress. considered first recorded speculative bubble (or economic bubble), tulip mania of 1636–1637 episode in contract prices bulbs of introduced tulip reached extraordinarily high levels , collapsed. term tulip mania used metaphorically refer large economic bubble (when asset prices deviate intrinsic values).

economic historians consider netherlands first predominantly capitalist nation. development of european capitalism began among city-states of italy, flanders, , baltic. spread european interstate system, resulting in world s first capitalist nation-state, dutch republic of seventeenth century. dutch first develop capitalism on nationwide scale (as opposed earlier city states). played pioneering role in emergence of capitalist world-system. simon schama aptly titled work embarrassment of riches, capturing astonishing novelty , success of commercial revolution in dutch republic.

world-systems theorists (including immanuel wallerstein , giovanni arrighi) consider economic primacy of dutch republic in 17th century first capitalist hegemony in world history (followed hegemonies of united kingdom in 19th century , united states in 20th century).