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Homepage > News > Editorial > Stop ‘financializing’ everything! As someone who’s followed the economic ebbs and flows of empires for years, I’ve often said that there’s tremendous risk to financializing everything; and not just a theoretical concern about capital markets and macroeconomic theory… My worry comes from a deep love of life and the simple pleasures that make it meaningful. I wear shoes because I enjoy walking, not because I want to flip them for a profit. I buy toys because they spark my kids’ imaginations, not because I hope to resell them to a collector. I wear a nice watch because I want something mechanical to remind me that men used to build things without digital input. When homes, clothes, watches, toys, trading cards, and everything else become speculative instruments, the joy of using them disappears. Let’s take a look at the first empire to truly monetize everything and learn why the path from empire to financial asset bubble is a slippery slope. The Dutch model: trade, innovation. Then speculation… In the 17th century, the Dutch Republic was the pre‑eminent commercial power in Europe. By around 1670, the Dutch merchant marine represented about half of Europe’s shipping capacity. Dutch shipbuilders, merchants, and craftsmen created a global network stretching from the Americas to Asia. Their republic’s financial system was sophisticated: the Amsterdam Exchange, Bank of Amsterdam, and pioneering joint‑stock companies like the Dutch East India Company allowed average citizens to invest in overseas ventures. At its height, this “Golden Age” funded art, science, and social tolerance at home as a product of their massive wealth.  But military conflicts and competition eroded the commercial edge. Wars with France and England ended the boom and forced a retrenchment. As these wars drained resources, the government cut military spending and paid down debt, and a wealthy rentier…

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Filed under: News - @ February 17, 2026 2:22 pm