New Books In European Studies

During the Middle Ages, the Netherlands played a significant role in the emergence of capitalism, which led to the impressive Dutch Golden Age and paved the way for long-term economic growth across Europe.  Pioneers of Capitalism: The Netherlands 1000-1800 (Princeton University Press, 2022)' by Maarten Prak and Jan Luiten van Zanden sheds light on the informal institutions that made this economic revolution possible. Using the latest quantitative theories in economic research, the authors illustrate how Dutch cities, corporations, guilds, commons, and other private and semipublic organizations created safeguards for market transactions even in the absence of state regulations. In fact, informal institutions developed in the Netherlands long before public safeguards for economic activity were established. According to the authors, capitalism emerged within a robust civil society in the Netherlands that contained and balanced its centrifugal forces. However, an unbridled capitalism flourished in overseas territ