The Twelve Years’ Truce, 1609–1621
It may appear strange, even bizarre, at first glance to date a fundamental reshaping of the structure of the Dutch trading system, the onset of Phase Two (which corresponds to the duration of the Twelve Years' Truce), to a single year, even such a politically resonant year as that in which the Truce was signed, but there is an abundance of hard evidence to justify doing so. In 1609, the Spanish embargoes against the Dutch Republic were lifted. Dutch shipping costs for all European destinations fell dramatically. The Dutch resumed their former massive traffic with the Iberian Peninsula. The obstacles to a flourishing Dutch commerce with the Mediterranean were removed. The onset of the Twelve Years' Truce should have had immense implications for the whole of the world economy.
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