Word: merchant
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COMPETITIVE ADVANTAGE The Netherlands had more than half the world's merchant ships. It ruled trade and shipping not just in Europe but throughout Iberia, Africa, Asia and South America, led by the famed Dutch East India and Dutch West India companies. (A forerunner of the latter founded New York City.) Amsterdam became the global financial capital; Dutch workers' wages were Europe's highest. The link between freedom and entrepreneurship was not lost on Adam Smith when he wrote of the virtues of free-market economics...
WHAT KILLED THE BOOM To protect its merchant fleet, Holland built an armada larger than the British and French navies combined. But the cost of this outsize national defense caused taxes to rise sharply, and the Netherlands still lost its naval supremacy. The result was the end of Dutch mastery...
...secret, and the moviegoing public let him get away with it. Stewart presented himself as an ordinary guy--just a Jimmy. Maybe a slightly overachieving Jimmy, what with the Princeton degree and the Air Force brigadier general's stripes. But all in all a solid Republican sprung from humble merchant stock in Indiana, Pa. In a lifetime of movies, Stewart was the goodwill ambassador for a genial, vanishing America...
Beaten only be the Merchant Marines Academy and Tufts, the result was the best ever for Harvard at the event. Unfortunately, Harvard couldn't find the same success at the national qualifier...
Here's an overview of notable merchant changes this year in the Square...