Pioneers of Capitalism

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The Netherlands was a pioneer of capitalism during the Middle Ages, leading to the Dutch Golden Age and significant economic growth across Europe. This work examines the informal institutions that facilitated this economic miracle, providing a new perspective on the emergence and early development of capitalism. Utilizing the latest quantitative theories in economic research, the authors illustrate how Dutch cities, corporations, guilds, and other organizations safeguarded market transactions in the absence of state support. These informal institutions predated public safeguards for economic activity. The authors argue that capitalism in the Netherlands thrived within a strong civil society that balanced its excesses, while unrestrained capitalism dominated overseas territories. Rather than succumbing to unchecked greed, the Dutch economy prospered, although this success came at the cost of slavery and other severe consequences for those outside Europe. This account offers a comprehensive view of capitalism's early history, showcasing how a small region in medieval Europe evolved into a hub of sustained economic growth, ultimately transforming the world.