North Holland

North Holland's dominance stems from network effects that compound over four centuries. When the Dutch East India Company (VOC) was founded in Amsterdam in 1602—creating the world's first multinational corporation and first stock exchange—the city established a hub position that persists today. By 1650, half of all European trade passed through Dutch ports, and one VOC voyage could yield 400% profit. This concentration of capital and connections created the infrastructure for subsequent waves of commerce.

The province still functions as the Netherlands' metabolic center. Amsterdam's 2.48 million metro residents generate economic activity that, combined with the broader Randstad, produces €367 billion in gross regional product—half of Dutch GDP from one-third of its territory. Schiphol Airport handled 66.8 million passengers in 2024, ranking as the world's fifth busiest by international traffic, with a €6 billion investment plan through 2029 to expand capacity further. Major technology companies—Uber, Netflix, Tesla—establish European headquarters here because network position compounds: being where others are attracts more.

The province also hosts a cautionary tale about information cascades. The tulip mania of 1636-37—often called history's first speculative bubble—saw contracts for single bulbs trade for the price of houses before collapsing abruptly. Recent scholarship suggests the economic damage was minimal, but the reputational and social damage in a credit-based trading culture was severe. The episode demonstrated how network density amplifies both growth and contagion. Today, the same dynamics manifest in housing: skyrocketing prices and limited supply make it nearly impossible for young families to buy homes in the Randstad, creating a carrying capacity crisis for continued growth.