The Guardian recently published an extract from a book by Greg Clark called, Global Cities: A Short History.
The article and book cover 4,000 years of urbanization. More specifically, Clark explains why some cities become global leaders, others do not, and why it is common for cities to rise and fall over time – at intervals that are only becoming shorter.
Below is an excerpt that talks about Amsterdam’s rise in the 17th century; a period of time known as the Dutch Golden Age. In the 1600′s, Amsterdam became the undisputed financial capital of the world and spawned the very first stock exchange. (Though, let’s not forget about Tulip Mania.)
“Amsterdam took over the mantle from Antwerp and Genoa as Europe’s major commercial city during the 1600s, and it developed many of the technologies that underpin today’s global cities. The overthrow of the Spanish elite, which had hampered the interests of powerful local merchants, granted more freedom to Dutch traders. Soon after, the blockade of Spanish Antwerp triggered a flight of capital and talented entrepreneurs to Amsterdam.“
"The protestant city became prized for its safe port, political stability and access to inland waterways. It maximised its appeal by guaranteeing equal protection to all merchants, wherever they came from, while developing standardised institutional norms. A relaxed attitude toward interest-bearing loans spurred the development of modern finance in Amsterdam, including maritime insurance, making the city both the logistical hub and the trade financier of Europe.”
Certain things have changed. Maritime pursuits were once paramount to a city’s success, whereas today, connectivity happens in a myriad of other ways. But other things have not changed.
As I read through the article, I couldn’t help but notice a few reoccurring themes. Being closed to innovation and immigration didn’t work in the past and I don’t believe it works today.