Universality: Exclusivity alone does not create value because value is not automatically generated by monopolizing something that isn’t worthwhile. For a monopoly to effectively build value, the monopoly object must be scarce and in limited supply. Conversely, universality also creates value. Scarcity relates to the concept of universality as a correspondence, and the value of universality is also affected by the limitations imposed by scarcity. Nothing has absolute value; all values are merely relative. - Joseph’s “just my thoughts”
One reason for the Dutch’s wealth was the strong trust between the merchants and sailors responsible for trade. Captain Willem Barentsz failed in 1596 while attempting to open a northeast route to the Far East via Novaya Zemlya in the Arctic Ocean. An accident occurred in which 8 out of 18 sailors died after being trapped in glaciers at temperatures of -40 degrees for 8 months, marking a setback for the development of a new maritime route. However, the captain and crew did not disturb the cargo, and on June 13, 1597, they split into two small ships and escaped the glacier. Fifty days later, they were rescued by a Russian merchant ship. Captain Barentsz died on the journey home, but the crew returned the consigned cargo to its owners intact after getting home. Trust means taking your life as collateral. Business is built on this trust. - Joseph’s “just my thoughts”