'RITM conducts practical research of the highest academic standards'
Ever since the 17th century, also known as the Golden Age, the Netherlands succeeded remarkably well in keeping its leading position in world trade. Even today a considerable part of its welfare stems from trade and good transaction management. In this context, trade should be seen in a broad sense as an exchange of property rights. Many people in the Netherlands earn, either directly or indirectly, money by conducting and enabling such transactions. This long lasting experience as a trading nation has been bundled in a research institute of the highest international standards, the Research Institute for Trade and Transaction Management (RITM). Expanding our knowledge on how to reduce transaction costs and on how to create value in various types of trade transactions is the major aim of RITM .
This frieze in the Royal Palace (former Town Hall) on Dam square in Amsterdam shows two ‘putti’, one with the symbols of Mercury, the god of trade, and the other with the horn of plenty. They symbolize the prosperity that trade brought to the Netherlands and Amsterdam in the 17th century.
The foundation of RITM originates from a report of the Scientific Council for Government Policy (WRR) in the Netherlands on 'The Netherlands as a Trading Nation'. The council advised to establish an international scientific institute in the fields of legal, technical, financial, cultural, administrative and business knowledge related to trade transactions. Prof. Frank den Butter, professor of economics at VU and former member of the WRR, took the initiative to found RITM. He published the book “Managing Transaction Costs in the Era of Globalization (Edward Elgar, 2012) which reports on some major findings from the RITM research so far.
Knowledge on value creation through transactions in the era of globalization