During the 16th century, trading expeditions were highly risky, with loss of life and cargo due to shipwreck and piracy extremely common. To encourage investors to put money into these ventures, governments would grant individual companies temporary monopolies over certain areas and routes.
The Dutch East India Company (Vereenigde Oostindische Compagnie, or VOC), which was established in 1602, was not the first of these. However, because of its size, it is often considered to be the world's first multinational company.
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