The Dutch East India Company (Dutch: Vereenigde Oost-Indische Compagnie, VOC, "United East India Company") was a chartered company established in 1602, when the States-General of the Netherlands granted it a 21-year monopoly to carry out colonial activities in Asia. It is often considered to have been the first multinational corporation in the world and it was the first company to issue stock. It was also arguably the first megacorporation, possessing quasi-governmental powers, including the ability to wage war, imprison and execute convicts, negotiate treaties, coin money, and establish colonies.
Statistically, the VOC eclipsed all of its rivals in the Asia trade. Between 1602 and 1796 the VOC sent almost a million Europeans to work in the Asia trade on 4,785 ships, and netted for their efforts more than 2.5 million tons of Asian trade goods. By contrast, the rest of Europe combined sent only 882,412 people from 1500 to 1795, and the fleet of the English (later British) East India Company, the VOC’s nearest competitor, was a distant second to its total traffic with 2,690 ships and a mere one-fifth the tonnage of goods carried by the VOC. The VOC enjoyed huge profits from its spice monopoly through most of the 17th century.
Having been set up in 1602, to profit from the Malukan spice trade, in 1619 the VOC established a capital in the port city of Batavia (now Jakarta). Over the next two centuries the Company acquired additional ports as trading bases and safeguarded their interests by taking over surrounding territory. It remained an important trading concern and paid an 18% annual dividend for almost 200 years.
Weighed down by corruption in the late 18th century, the Company went bankrupt and was formally dissolved in 1800, its possessions and the debt being taken over by the government of the Dutch Batavian Republic. The VOC's territories became the Dutch East Indies and were expanded over the course of the 19th century to include the whole of the Indonesian archipelago, and in the 20th century would form the Republic of Indonesia.
Read more about Dutch East India Company: History, Organization, Notable VOC Ships
Famous quotes containing the words dutch, east, india and/or company:
“Too nice is neighbor’s fool.”
—Common Dutch saying, trans by Johanna C. Prins.
“We have heard all of our lives how, after the Civil War was over, the South went back to straighten itself out and make a living again. It was for many years a voiceless part of the government. The balance of power moved away from it—to the north and the east. The problems of the north and the east became the big problem of the country and nobody paid much attention to the economic unbalance the South had left as its only choice.”
—Lyndon Baines Johnson (1908–1973)
“But nothing in India is identifiable, the mere asking of a question causes it to disappear or to merge in something else.”
—E.M. (Edward Morgan)
“We noticed several other sandy tracts in our voyage; and the course of the Merrimack can be traced from the nearest mountain by its yellow sand-banks, though the river itself is for the most part invisible. Lawsuits, as we hear, have in some cases grown out of these causes. Railroads have been made through certain irritable districts, breaking their sod, and so have set the sand to blowing, till it has converted fertile farms into deserts, and the company has had to pay the damages.”
—Henry David Thoreau (1817–1862)