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In 1648, the Dutch War of Independence, against Spain.
In Spain, everything is decided by the king, while the Netherlands had the most advanced banking system in the world at that time, which was fair, secure, efficient, and offered high interest rates.
Thus, no matter how the rulers controlled things, while one side fought, Spanish capital continuously flowed into the Netherlands.
Later, Spain issued bonds to fund the war, relying on the liquidity of the Dutch financial market for sales; when Spain wanted to borrow, they sought three parties to borrow from the Dutch banks.
The history of finance does not change with the will of sovereign nations, always flowing towards a more efficient, fair, secure, and profitable direction.