Meaning: The quote "It is said, that in Holland Interest is lower than in England" by Dudley North, an economist, reflects a comparison between interest rates in Holland and England during the time when North made this observation. Dudley North was an English economist who lived in the 17th century and made significant contributions to the field of economics. His work often focused on the role of government in economic affairs, and he was known for his advocacy of free trade and his criticisms of mercantilist policies.

During the 17th century, Holland was renowned for its economic prosperity and financial strength. The Dutch Republic was a major center of global trade and finance, and its financial markets were highly developed. As a result, interest rates in Holland were often lower than those in England, which was also a major economic and financial power during that time.

The lower interest rates in Holland compared to England can be attributed to several factors. Firstly, Holland's strong position in international trade and finance allowed for a more efficient allocation of capital, leading to lower interest rates. Additionally, the Dutch financial system was characterized by a high degree of competition and innovation, which also contributed to lower borrowing costs.

In contrast, England at the time was undergoing significant political and economic changes, including the aftermath of the English Civil War and the Glorious Revolution. These events had implications for the stability of the English financial system and could have led to higher interest rates compared to Holland.

Dudley North's observation about the difference in interest rates between Holland and England underscores the importance of understanding the broader economic and financial context in which interest rates are determined. It also highlights the role of international comparisons in shedding light on the relative performance of different economies.

Furthermore, North's work and writings continue to be studied and referenced in the field of economics, particularly in the areas of international trade, monetary policy, and economic development. His emphasis on the importance of market forces and the detrimental effects of government intervention in the economy has resonated with many economists and policymakers.

In conclusion, Dudley North's quote about the difference in interest rates between Holland and England provides valuable insight into the economic conditions of the 17th century and the factors influencing interest rate disparities between the two countries. It also serves as a reminder of the enduring relevance of historical economic observations in understanding contemporary economic dynamics and policy considerations.