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Dutch Primacy in World Trade, 1585–1740$
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Jonathan I. Israel

Print publication date: 1990

Print ISBN-13: 9780198211396

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780198211396.001.0001

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The Dutch and the Crisis of the World Economy, 1621–1647

The Dutch and the Crisis of the World Economy, 1621–1647

Chapter:
(p.121) 5 The Dutch and the Crisis of the World Economy, 1621–1647
Source:
Dutch Primacy in World Trade, 1585–1740
Author(s):

Jonathan I. Israel

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198211396.003.0005

For the Dutch economy, the period 1621–1647, Phase Three in the evolution of Dutch world trade primacy, was one of relative stagnation and profound restructuring. But, if we are to grasp the nature and significance of this restructuring process, it is essential that one analyses it against the background of changes in the world economy, just as Phases One and Two of Dutch world trade hegemony have to be grasped in the light of the major world economic shifts of the time. Historians have produced a variety of explanations for the decades-long world economic crisis that began around 1620. Some of these are of a purely economic nature. The historian of Spain's transatlantic commerce, Pierre Chaunu, for instance, argued that the falling off of silver shipments from Spanish America to Europe caused a shortage of precious metals, which acted as a brake on international commerce, reducing investment in commodities, industry, and shipping.

Keywords:   Dutch, world trade, Pierre Chaunu, hegemony, shipping, world economy, economic crisis, silver, Spanish America, international commerce

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