Dutch Golden Age. The Dutch Golden Age was a period in the history of the Netherlands, roughly spanning the 17th century, in which Dutch trade, science, military, and art were among the most acclaimed in the world. The first section is characterized by the Eighty Years' War, which ended in 1648. The Golden Age continued in peacetime during the Dutch Republic until the end of the century. The transition by the Netherlands to the foremost maritime and economic power in the world has been called the Dutch Miracle by historian K. W. Swart. In 1568, the Seven Provinces that later signed the Union of Utrecht started a rebellion against Philip II of Spain that led to the Eighty Years' War. Before the Low Countries could be completely reconquered, a war between England and Spain, the Anglo-Spanish War of 1585-1604, broke out, forcing Spanish troops to halt their advances and leaving them in control of the important trading cities of Bruges and Ghent, but without control of Antwerp, which was then arguably the most important port in the world. Antwerp fell on 17 August 1585, after a siege, and the division between the Northern and Southern Netherlands was established. The United Provinces fought on until the Twelve Years' Truce, which did not end the hostilities. The Peace of Westphalia in 1648, which ended the Eighty Years' War between the Dutch Republic and Spain and the Thirty Years' War between other European superpowers, brought the Dutch Republic formal recognition and independence from the Spanish crown. Under the terms of the surrender of Antwerp in 1585, the Protestant population were given four years to settle their affairs before leaving the city and Habsburg territory. Similar arrangements were made in other places. Protestants were especially well-represented among the skilled craftsmen and rich merchants of the port cities of Bruges, Ghent, and Antwerp. More moved to the north between 1585 and 1630 than Catholics moved in the other direction, although there were also many of these. Many of those moving north settled in Amsterdam, transforming what was a small port into one of the most important ports and commercial centres in the world by 1630. In addition to the mass migration of Protestant natives from the southern Netherlands to the northern Netherlands, there were also influxes of non-native refugees who had previously fled from religious persecution, particularly Sephardi Jews from Portugal and Spain, and later Protestants from France. The Pilgrim Fathers also spent time there before their voyage to the New World. Main article: Protestant work ethic Economists Ronald Findlay and Kevin H. O'Rourke attribute part of the Dutch ascendancy to its Protestant work ethic based on Calvinism, which promoted thrift and education. This contributed to the lowest interest rates and the highest literacy rates in Europe. The abundance of capital made it possible to maintain an impressive stock of wealth, embodied not only in the large fleet but in the plentiful stocks of an array of commodities that were used to stabilize prices and take advantage of profit opportunities. Several other factors also contributed to the flowering of trade, industry, the arts and the sciences in the Netherlands during this time. A necessary condition was a supply of cheap energy from windmills and from peat, easily transported by canal to the cities. The invention of the wind powered sawmill enabled the construction of a massive fleet of ships for worldwide trading and for military defense of the republic's economic interests. In the 17th century the Dutch, traditionally able seafarers and keen mapmakers, began to trade with the Far East, and as the century wore on, they gained an increasingly dominant position in world trade, a position previously occupied by the Portuguese and Spanish. In 1602, The Dutch East India Company was founded. It was the first-ever multinational corporation, financed by shares that established the first modern stock exchange. The Company received a Dutch monopoly on Asian trade, which it would keep for two centuries, and it became the world's largest commercial enterprise of the 17th century. Spices were imported in bulk and brought huge profits due to the efforts and risks involved and seemingly insatiable demand. This is remembered to this day in the Dutch word peperduur, meaning something is very expensive, reflecting the prices of spices at the time.