Venice, the Dutch Republic, England, and America are presented as four stages of transnational capital because each is a merchant oligarchy controlled by private interests.
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Dutch Republic
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Key Notes
The Dutch Republic becomes energetic because Calvinism treats wealth as evidence of salvation and channels labor into accumulation.
The Spanish Empire's South American gold makes Spanish society lazy, allowing Dutch, British, and French industry and piracy to feed on Spanish wealth.
Spain's extractive demand gave Protestant France, England, and Holland openings through industry, piracy, naval innovation, and smuggling.
The Dutch strategy against Spain was to use sea power and East Indies trade to generate the wealth and military resources a small population lacked on land.
Jiang argues that contemporary Chinese middle-class values repeat Dutch middle-class values without the Christian historical background.
In the 17th century, Dutch trade in textiles, Atlantic slaves, and East Indies goods makes the Dutch Republic the wealthiest nation and its middle class the wealthiest in the world.
Jiang says the British ultimately beat the Dutch not by superior seamanship but by Roman-like persistence, population, and willingness to absorb losses.
Timestamped Evidence
"...stages. Let's look at them. These four distinct stages are Venice, Dutch Republic, England, and what's the last one, guys? Come on. America. Right?..."
"...Eventually, what will happen is that Venice will decline and the Dutch Republic will emerge. What makes the Dutch Republic so powerful is that..."
"...And this builds up the industry of France, Britain, and the Dutch Republic. The last way, of course, is private luxury goods, especially spices,..."
"...The reason why is the Spanish are still Catholic, whereas the Dutch Republic have turned into protestants. Okay? And this, a little bit for......"
"...detail if you want. Okay. So the first factor is the Dutch Republic was tremendously wealthy, because it was able to control the spice..."
"...for that is that the British aristocracy aligned themselves with the Dutch Republic, and that was what allowed for the creation of the Bank..."
"and Holland okay or what we call the Dutch Republic okay don't worry about the name for now and so there are three ways..."
"And piracy became the official policy of the English. All right? So Francis Drake was the most famous pirate of this time, and he..."
"Basically artillery and long -range fighting. And that's what the English pioneered. And that's why eventually they become, over time, the greatest navy in..."
"This war would last for 80 years. Now, the problem is that Spain, it is the most powerful nation in the world at this..."
"than your the other members of the middle class well there's gonna be competition okay you have to prove that you are a more..."
"...the East Indies. And that's why in the 17th century the Dutch Republic will become the wealthiest nation in the world and its middle..."
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