Are the beginnings of the Dutch expansion outside Europe to be viewed as war or commerce? In assessing the damage done by the Dutch to the various Iberian trade circuits in Asia and the Atlantic during the period between 1585 and 1609, this contribution shows that the Dutch actions against Spain and Portugal had virtually no effect. The Dutch - as well as the other Northwest European powers - could not seriously harm the Iberian expansion system. After 1620 this situation changed, but it remains remarkable that between 1500 and 1800 two expansion systems continued to co-exist in Asia, Africa and the New World.
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