The history of the Dutch economy has faced several ups and downs throughout the 16th and 17th centuries. It has undergone moments of prosperity and was once noted as one of the most dominant world powers in the 17th Century. It was heavily involved in the Atlantic Trade that had a large impact on its economy and growth. There is no clear definition for the Atlantic Trade, but researchers have concluded it may be referred to as: Trade with the New World, and trade with Asia through the Atlantic including, but not limited to, imperialism and slavery based undertakings.Among the most important of these traders were the Dutch and the British. It is noted that these two nations experienced a more rapid growth than most due to their non-absolutist political institutions. This is only one of many benefactors that played a large role in the shaping in the growth and economic change within the Netherlands that occurred throughout the 16th and 17th Centuries.
The Netherlands is a country located mainly in Northwestern Europe. The European portion of the Netherlands consists of twelve separate provinces that border Germany to the east, Belgium to the south, and the North Sea to the northwest, with maritime borders in the North Sea with Belgium, Germany and the United Kingdom. Together with three island territories in the Caribbean Sea—Bonaire, Sint Eustatius and Saba— it forms a constituent country of the Kingdom of the Netherlands. The official language is Dutch, but a secondary official language in the province of Friesland is West Frisian.
The New World is one of the names used for the majority of Earth's Western Hemisphere, specifically the Americas, and Oceania.
Imperialism is policy or ideology of extending a nation's rule over foreign nations, often by military force or by gaining political and economic control of other areas. Imperialism was both normal and common worldwide throughout recorded history, the earliest examples dating from the mid-third millennium BC, diminishing only in the late 20th century. In recent times, it has been considered morally reprehensible and prohibited by international law. Therefore, the term is used in international propaganda to denounce an opponent's foreign policy.
The Dutch success in trade did not come without struggle and conflict. Studies show that the Dutch had several qualities that afforded their trade system to rise above other European states throughout the duration of Atlantic trade. Dutch merchants have always had access and opportunities providing a gateway to profitable trade. They also had autonomy. Before the Dutch Revolt, though, the Dutch were under the control of the Habsburg Monarchy. The Habsburg Empire limited the power of Dutch merchants and their influence on trade. The Empire had control and tried to gain even more over the fiscal revenues from the Netherlands. Conflict amongst the merchants and the empire began to grow and independence and political institutions were the result.
In development or moral, political, and bioethical philosophy, autonomy is the capacity to make an informed, un-coerced decision. Autonomous organizations or institutions are independent or self-governing. Autonomy can also be defined from human resource perspective and it means a level of discretion granted to an employee in his or her work. In such cases, autonomy is known to bring some sense of job satisfaction among the employees. Autonomy is a term that is also widely used in the field of medicine. As a matter of fact, personal autonomy is greatly recognized and valued in health care.
The Dutch Revolt (1568–1648) was the revolt of the northern, largely Protestant Seven Provinces of the Low Countries against the rule of the Roman Catholic Habsburg King Philip II of Spain, hereditary ruler of the provinces. The northern provinces (Netherlands) eventually separated from the southern provinces, which continued under Habsburg Spain until 1714.
The Habsburg Monarchy – also Habsburg Empire, Austrian Monarchy or Danube Monarchy – is an unofficial umbrella term among historians for the countries and provinces that were ruled by the junior Austrian branch of the House of Habsburg between 1526 and 1780 and then by the successor branch of Habsburg-Lorraine until 1918. The Monarchy was a typical composite state composed of territories within and outside the Holy Roman Empire, united only in the person of the monarch. The dynastic capital was Vienna, except from 1583 to 1611, when it was moved to Prague. From 1804 to 1867 the Habsburg Monarchy was formally unified as the Austrian Empire, and from 1867 to 1918 as the Austro-Hungarian Empire.
Amidst a revolt and a revolution, the Dutch were able to steadily improve their trading. Several important modifications were made to both Dutch military and commercial strategies. Before long, the Dutch had gained access to Asian and American trade centers. Leading this drive to independence was the merchants. The 15th Century marked the start of the expansion of the Dutch economy. Throughout this time the Dutch experienced growth in economic institutions that include agriculture, shipping, and public finance.In 1590, the beginning of divergence between the South and North of Europe as well as the ‘explosion’ of Dutch commerce and the early stages of Amsterdam growing as a large financial capital.The growing Atlantic trade was edging out the once profitable Baltic route. With trade growing along this route and specialization prospering, the Dutch were ultimately victorious in their pursuits against the Habsburgs.
From 1590, there was a dramatic improvement in the Republic's economic circumstances. Commerce and shipping expanded enormously, as did the towns. As a result, the financial power of the states rapidly grew, and it was possible to improve the army vastly, both qualitatively, and quantitatively, within a short space of time. The army in- creased from 20,000 men in 1588 to 32,000 by 1595, and its artillery, methods of transportation, and training were transformed. By 1629, the Dutch were able to field an army of 77,000 men, 50 percent larger than the Spanish army of Flanders″
The Dutch prospered immensely during this time. The leading benefactor of this growth was trade and the means of which they manifested it.
They did so particularly through conflict and specialization. Now we see the importance of competitive goods, the Dutch traded what was in demand and the strategy proved to be very favorable for them. They were long distance tradesmen and had some breathing space as far as trade regulations went which also contributed to their growth. This is in comparison with the previous Habsburg restrictions. In his article, Acemuglu uses this evidence to prove that Atlantic trade led to the enrichment of merchants, which resulted in the development of political institutions. Said institutions are responsible for constraining the power of the crown.
The Eighty Years' War also goes by the name: ‘The War of Dutch Independence’ (1568-1648). The war was a spurred by a revolt of the seventeen provinces within the Habsburg Empire.Phillip II of Spain was leading the Habsburgs in the initial stages of the war. The war began due to high taxation within the Netherland regions. William of Orange, who had been exiled from the empire, led the revolting provinces to their first leg of success in the long war. Through the Dutch resistance and revolt, they had achieved the status of The Republic of the Seven United Netherlands in 1581 This declaration entered the Dutch and Habsburgs into a twelve-year truce, only to be disrupted once more by the start of a new war in 1619. The Thirty Years' War is known as one of the bloodiest wars in European history. It translated into a war of religions. It can also be recognized as a series of conflicts between feudalism and early capitalism (Evan, 2014: 36). The war ended with the Peace of Westphalia. The treated formally recognized the Dutch as an independent republic.
William I, Prince of Orange, also known as William the Silent or William the Taciturn, or more commonly known as William of Orange, was the main leader of the Dutch Revolt against the Spanish Habsburgs that set off the Eighty Years' War (1568–1648) and resulted in the formal independence of the United Provinces in 1581. He was born in the House of Nassau as Count of Nassau-Dillenburg. He became Prince of Orange in 1544 and is thereby the founder of the branch House of Orange-Nassau and the ancestor of the monarchy of the Netherlands. Within the Netherlands he is also known as Father of the Fatherland.
The Peace of Westphalia was a series of peace treaties signed between May and October 1648 in the Westphalian cities of Osnabrück and Münster, largely ending the European wars of religion, including the Thirty Years' War. The treaties of Westphalia brought to an end a calamitous period of European history which caused the deaths of approximately eight million people. Scholars have identified Westphalia as the beginning of the modern international system, based on the concept of Westphalian sovereignty, though this interpretation has been seriously challenged.
Antwerp was seized during the Eighty Wars' War from 1584 to 1585. Of the Seventeen Provinces and Northwestern Europe, Antwerp was the economic and financial center of these locations. Antwerp eventually became heavily involved in the rebellion against the Spanish Habsburgs. Ultimately, the city joined became the 'capital' of the Dutch Revolt. This status became official once they joined the Union of Utrecht in 1579. The Spanish held their ground against the defensive Dutch and because of their cannons and strong troops they proved to be successful in their siege of the land. Antwerp's Protestant population was forced to relocate or migrate from their once homeland. Many of the skilled craftsmen and merchants migrated northbound to ultimately provide the foundation for Dutch trade expansion and growth. Their new home formally became The United Provinces of the Netherlands or as previously mentioned: The Dutch Republic.Antwerp was also the home of the Shelde River Estuary Port. When the Spanish captured this port, it became a turning point in the war. Prior to the Fall of Antwerp, Portuguese had been sending gold, ivory, sugar, and other products from the Atlantic to the main port in Antwerp.
The United Provinces of the Netherlands were growing quickly when the truce was established. Their colonies spanned across five continents and their growth can be considered as what was ‘a new type of global trade and the formation of the world economy.’The Dutch trade differed from its rivals in many ways. They paid close attention to the relation between risk and profit. If the potential profit was greater than the imposed risk, they were willing (and managed to) trade with their wartime enemies. The middle class played a key role also; they had a large amount of capital accrued within. Due to the Netherlands deficiency in mineral affluence, they had to find another source of profit. They began specializing in competitive goods. Competitive goods are defined as: A production of goods that are not dependent on a particular climate, deposits, and can be produced anywhere in the world. These goods included, but were not limited to: Scandinavian wood, means for shipbuilding, iron, copper, wheat, rye, North Sea Fish, and English wool. The Dutch faced the pressure of competition with several growing competitors. The Dutch focused on their growing agriculture, their domination in continental trade markets, and their widely praised skills as seafarers.
Fishing and agriculture shaped the economy of the Dutch in the 15th and 16th centuries. In the early 15th century, Antwerp in modern-day Belgium was the commercial capital of Northern Europe. The Dutch Revolt against Spanish Habsburgs had a large impact on the Fall of Antwerp in 1585. Those who inhabited those lands were in need of a new home that offered security. These peoples included merchants and Calvinist craftsmen. They eventually went to the Northern Netherlands. Holland and Zeeland were growing in population. These two provinces were also heavily involved in maritime operations and productions. For most of the 16th century, these lands were considered more rural than those of the southern Netherlands. They focused on slaughter cattle as a large means of trade.
At the end of the 16th century the Dutch had vastly expanded their maritime explorations. They spanned to Asia, the Mediterranean, and across the Atlantic. The Dutch were making their way to become a major world power. In 1595, Dutch voyages to Asia began with Cornelis de Houtman. The night before his voyage began, the Dutch had already established four trading networks within the Transatlantic. These networks included Spain with Spanish America and Portugal with their Brazilian colonial holding.
Non-competitive goods are referred to as: goods that are produced in only one spot. Non-competitive goods include: sugar and tobacco from the Caribbean, tea, pepper, camphor, spices, sandalwood and teak wood from Southeast Asia, cinnamon and cloves from Ceylon, and Chinese and Japanese porcelain and silk. The Netherlands were becoming a melting pot for religious acceptation and variation. The goods they produced were affected by the religions of those who had migrated into their lands. The Dutch were able to overcome their Portuguese rival by manifesting such effort into the trade of these particular goods.
Some historians argue that sugar acted as the product that drove the expansion into the Atlantic by the Dutch. This trade pressured the Dutch to gain access to Brazil from South America. In 1585, Phillip II gave permission to Dutch rebels to take ships to Brazil in order to conduct business as a favor to Spanish Merchants. They originally sent three ships. A few years later, 14 Dutch ships continued sailing to Brazil, carrying cargo for these Spanish merchants. In between times of war, these ships frequently had to stop at a neutral country mid-trip and adopt a new nationality for the time being. By the late of the 1590s, approximately eighteen Dutch ships had gained access to Brazil. These ships would bring back mostly sugar, but also Brazilian wood, cotton, and ginger.
A truce that occurred amongst the Dutch Republic and Spain in 1609 opened up trade access to the Mediterranean to the Dutch. This was the first time Dutch ships had gained such access since they had entered into trade with Asia.The Dutch East India Company was established in 1602. It is also referred to as the VOC. This company was a crucial tool used to control Dutch colonial and commercial trade affairs. Investors within the company were granted an allotted percentage of profits depending on the sum of the capital invested. With the help of this company, the Dutch expanded their occupation to Cape Town, Ceylon, and Malacca. They also established posts for trading in the latter two places. VOC imports into Europe consisted largely of spices, tea, coffee, drugs, perfumes, dyestuffs, sugar, and saltpeter. Half to two-thirds of the worth of Asian goods imported into Europe were accounted for in Dutch exports of precious metals. It wasn’t long before other nations caught onto this business and followed the Dutch trend. In the beginning of the 17th century, A round-trip from Europe to the East Indies during this time cost between thirty and thirty-two Euros per ton. Halfway through the 17th century, though, prices dropped to between sixteen and twenty-three euros per ton. The fall in price was due to the Dutch having to deal with Asian revolts in their local waters, building forts, conferring agreements, displaying the flag, and often keeping away their fellow European competitors. All of these conflicts occurred leading up to 1640. In the time following, the Dutch East India Company developed a smaller fleet of ships to deal with these problems.
During the truce, the Dutch also began producing their own tobacco. They had originally 'bartered' with the Indians for tobacco, but after they expanded to the West Indies they began to produce their own. Before long, the Dutch were on par with the Spaniards in terms of how much tobacco they made. This product trade also established Dutch connections with Virginia. A huge segment of trade of Virginia tobacco fell into the Dutch realm. At the beginning of the 17th century, the center of Northern European tobacco trade was located in Zeeland.
Still in the midst of the Thirty Years War, Phillip III attempted to prevent the Dutch from furthering their growth into the West and East Indies. He did so by offering peace and independence in exchange. They declined, though, as they had already manifested a great deal of investors in the Dutch East India Company. In 1621, The Dutch West India Company was founded. This Company’s focus was primarily on trade with Latin America and Africa. The Dutch were prospering like never before from their newfound commerce and enterprise. The 17th Century was a time that the Dutch had experienced what was the highest standard of living in all of Europe. Their overseas trade within their two companies had afforded them to become the largest naval fleet in the world. This fleet was the means for the Dutch to patrol and dominate long-term trade routes. The fleet also allowed their colonial provisions and power to grow even further. Despite potential setbacks that fighting with the Portuguese could have caused the Dutch were successful in these battles in several aspects. They gained control over more territories in Southeast Asia. They included: Sumatra, Java, Malay Peninsula, southern region of Borneo, and the islands of the Moluccas and West New Guinea. They even expanded as far as a settlement in Australia; however it did not last due to lack of economic profit. The Dutch were so profit-focused that they even exchanged New Amsterdam for Archipelago with Britain. The small island in Moluccas was home to a large stock of spices.
Relations with the British took a turn for the worst in the late 17th Century. In 1661, the British passed the Navigation Acts in order to prevent its colonies from trading with overseas merchants and/or vessels. This act was arguably passed as an offensive move towards the Dutch due to their triumph in global commerce. The passing of this act resulted in three separate Anglo-Dutch wars throughout 1652-1675.The first war lasted throughout 1652-1654. The British won this war and took with them 1,000 Dutch merchant ships. The second of these wars was a result of two incidents. The first occurred when the English captured two Dutch posts located in West Africa and the latter incident being the taking of New Amsterdam. This was a rather detrimental war to both sides and ended due to exhaustion of materials and power. The war concluded, though, and both sides claimed victory in this war that lasted from 1664-1674. The third Anglo-Dutch War the British gave support to the French to invade the Dutch. Due to common concern in waging war with the Dutch, both the French and British signed the Treaty of Dover. The Dutch had since allied with the Spanish (Nelson-Burns). The war resulted in the defeat of the Dutch. The Dutch were forced to retreat from southern trade and the English ultimately gained their losses.
The Dutch had competed in trade industries with the British for a very long time. By the 18th century, the British had begun to catch up due to their mercantilist ideologies and practices. The fourth Anglo-Dutch war proved to be crucial in the downfall of the Dutch during their prosperous trading time. The British had sustained a blockade that proved to be impenetrable by the Dutch. Trading had come to a halt. Britain was on the verge of an industrial revolution and close to finally beating out its long time European competitors. Trade within the VOC was immensely affected by the loss of the Dutch in this war and they had maintained large amounts of public debts also. The company was of great importance to the Dutch and it was kept alive by the emergency aid coming from the States of Holland.
Dutch West India Company was a chartered company of Dutch merchants as well as foreign investors. Among its founders was Willem Usselincx (1567–1647). On June 3, 1621, it was granted a charter for a trade monopoly in the Dutch West Indies by the Republic of the Seven United Netherlands and given jurisdiction over Dutch participation in the Atlantic slave trade, Brazil, the Caribbean, and North America. The area where the company could operate consisted of West Africa and the Americas, which included the Pacific Ocean and the eastern part of New Guinea. The intended purpose of the charter was to eliminate competition, particularly Spanish or Portuguese, between the various trading posts established by the merchants. The company became instrumental in the largely ephemeral Dutch colonization of the Americas in the seventeenth century. From 1624 to 1654, in the context of the Dutch-Portuguese War, the WIC held Portuguese territory in northeast Brazil, but they were ousted from Dutch Brazil following fierce resistance.
The Atlantic slave trade or transatlantic slave trade involved the transportation by slave traders of enslaved African people, mainly to the Americas. The slave trade regularly used the triangular trade route and its Middle Passage, and existed from the 16th to the 19th centuries. The vast majority of those who were enslaved and transported in the transatlantic slave trade were people from central and western Africa, who had been sold by other West Africans to Western European slave traders, who brought them to the Americas. The South Atlantic and Caribbean economies especially were dependent on the supply of secure labour for the production of commodity crops, making goods and clothing to sell in Europe. This was crucial to those western European countries which, in the late 17th and 18th centuries, were vying with each other to create overseas empires.
The Low Countries, the Low Lands, or historically also the Netherlands, is a coastal lowland region in northwestern Europe, forming the lower basin of the Rhine, Meuse, and Scheldt rivers, divided in the Middle Ages into numerous semi-independent principalities that consolidated in the countries of Belgium, Luxembourg, and the Netherlands, as well as today's French Flanders.
The Anglo-Dutch wars were a series of conflicts mainly fought between the Dutch Republic and England. They predominantly occurred in the second half of the 17th century over trade and overseas colonies; overall the Dutch were victorious. Almost all the battles were fought at sea.
The Seventeen Provinces were the Imperial states of the Habsburg Netherlands in the 16th century. They roughly covered the Low Countries, i.e. what is now the Netherlands, Belgium, Luxembourg, and most of the French departments of Nord and Pas-de-Calais (Artois). Also within this area were semi-independent fiefdoms, mainly ecclesiastical ones, such as Liège, Cambrai and Stavelot-Malmedy.
The era of piracy in the Caribbean began in the 1500s and phased out in the 1830s after the navies of the nations of Western Europe and North America with colonies in the Caribbean began combating pirates. The period during which pirates were most successful was from the 1660s to 1730s. Piracy flourished in the Caribbean because of the existence of pirate seaports such as Port Royal in Jamaica, Tortuga in Haiti, and Nassau in the Bahamas. Piracy in the Caribbean was part of a larger historical phenomenon of piracy, as it existed close to major trade and exploration routes in nearly all the five oceans.
The Navigation Acts, or more broadly The Acts of Trade and Navigation were a long series of English laws that developed, promoted, and regulated English ships, shipping, trade, and commerce between other countries and with its own colonies. The laws also regulated England's fisheries and restricted foreigners' participation in its colonial trade. While based on earlier precedents, they were first enacted in 1651 under the Commonwealth. The system was reenacted and broadened with the restoration by the Act of 1660, and further developed and tightened by the Navigation Acts of 1663, 1673, and 1696. Upon this basis during the 18th century, the acts were modified by subsequent amendments, changes, and the addition of enforcement mechanisms and staff. Additionally, a major change in the very purpose of the acts in the 1760s — that of generating a colonial revenue, rather than only regulating the Empire's trade — would help lead to revolutionary events, and major changes in implementation of the acts themselves. The Acts generally prohibited the use of foreign ships, required the employment of English and colonial mariners for three quarters of the crews, including East India Company ships. The acts prohibited the colonies from exporting specific, enumerated, products to countries and colonies other than those British, and mandated that imports be sourced only through Britain. Overall, the Acts formed the basis for English British overseas trade for nearly 200 years, but with the development and gradual acceptance of free trade, the acts were eventually repealed in 1849. The laws reflected the European economic theory of mercantilism which sought to keep all the benefits of trade inside their respective Empires, and to minimize the loss of gold and silver, or profits, to foreigners through purchases and trade. The system would develop with the colonies supplying raw materials for British industry, and in exchange for this guaranteed market, the colonies would purchase manufactured goods from or through Britain.
Triangular trade or triangle trade is a historical term indicating trade among three ports or regions. Triangular trade usually evolves when a region has export commodities that are not required in the region from which its major imports come. Triangular trade thus provides a method for rectifying trade imbalances between the above regions.
Habsburg Spain refers to Spain over the 16th and 17th centuries (1516–1700), when it was ruled by kings from the House of Habsburg. The Habsburg rulers reached the zenith of their influence and power. They controlled territory that included the Americas, the East Indies, the Low Countries and territories now in France and Germany in Europe, the Portuguese Empire from 1580 to 1640, and various other territories such as small enclaves like Ceuta and Oran in North Africa. This period of Spanish history has also been referred to as the "Age of Expansion".
Spanish Netherlands was the collective name of States of the Holy Roman Empire in the Low Countries, held in personal union by the Spanish Crown from 1556 to 1714. This region comprised most of the modern states of Belgium and Luxembourg, as well as parts of northern France, southern Netherlands, and western Germany with the capital being Brussels.
The Fall of Antwerp on 17 August 1585 took place during the Eighty Years' War, after a siege lasting over a year from July 1584 until August 1585. The city of Antwerp was the capital of the new Protestant-dominated Dutch Revolt, but was forced to surrender to the Spanish forces. Under the terms agreed all Protestants were given four years to settle their affairs and leave the city. Many migrated north, especially to Amsterdam, which became the capital of the Dutch Republic. Apart from losing a high proportion of its mercantile population, Antwerp's trade suffered for decades as Dutch forts blockaded the River Scheldt.
The Kettle War was a military confrontation between the troops of the Holy Roman Empire and the Republic of the Seven Netherlands on 8 October 1784. It was named the Kettle War because the only shot fired hit a soup kettle.
The economic history of the Netherlands (1500–1815) is the history of an economy that scholar Jan de Vries calls the first "modern" economy. It covers the Netherlands as the Habsburg Netherlands, through the era of the Dutch Republic, the Batavian Republic and the Kingdom of Holland.
The financial history of the Dutch Republic involves the interrelated development of financial institutions in the Dutch Republic. The rapid economic development of the country after the Dutch Revolt in the years 1585–1620 accompanied by an equally rapid accumulation of a large fund of savings, created the need to invest those savings profitably. The Dutch financial sector, both in its public and private components, came to provide a wide range of modern investment products beside the possibility of (re-)investment in trade and industry, and in infrastructure projects. Such products were the public bonds, floated by the Dutch governments on a national, provincial, and municipal level; acceptance credit and commission trade; marine and other insurance products; and shares of publicly traded companies like the Dutch East India Company (VOC), and their derivatives. Institutions like the Amsterdam stock exchange, the Bank of Amsterdam, and the merchant bankers helped to mediate this investment. In the course of time the invested capital stock generated its own income stream that caused the capital stock to assume enormous proportions. As by the end of the 17th century structural problems in the Dutch economy precluded profitable investment of this capital in domestic Dutch sectors, the stream of investments was redirected more and more to investment abroad, both in sovereign debt and foreign stocks, bonds and infrastructure. The Netherlands came to dominate the international capital market up to the crises of the end of the 18th century that caused the demise of the Dutch Republic.
This article covers the Economic history of Europe from about 1000 AD to the present. For the context, see History of Europe.
The Amsterdam Entrepôt is the shorthand term that English-language economic historiographers use to refer to the trade system that helped the Dutch Republic achieve primacy in world trade during the 17th century.
The development of urban centers in the Low Countries shows the process in which a region, the Low Countries in Western Europe, evolves from a highly rural outpost of the Roman Empire into the largest urbanized area above the Alps by the 15th century CE. As such, this article covers the development of Dutch and Flemish cities beginning at the end of the migration period till the end of the Dutch Golden Age.
Proto-globalization or early modern globalization is a period of the history of globalization roughly spanning the years between 1600 and 1800, following the period of archaic globalization. First introduced by historians A. G. Hopkins and Christopher Bayly, the term describes the phase of increasing trade links and cultural exchange that characterized the period immediately preceding the advent of so-called "modern globalization" in the 19th century.
The Imperial Privileged Oriental Company was a state-organized Austrian trading company at the time of Charles VI. 1719 to 1740.
The Royal Barcelona Trading Company to the Indies also known as the Barcelona Company was a trading company in the 18th century chartered by the Spanish crown, operating from 1755 to 1785, and which had a monopoly on trade to the Caribbean islands of Puerto Rico, Santo Domingo and Margarita. The Company provided a legal framework and a focus for capital which enabled Catalan merchants to break free from the restrictions of the Cadiz monopoly on trade with the Indies, provided skills and contacts that enabled the development of free trade between Catalonia and the Americas to flourish after the Company's demise, and contributed to the development of the textile industry which later became the basis of industrialisation in Catalonia.