Few periods in history saw so many quick changes in economic and political fortunes as the years 1914-1945. It was a period of monumental strains and uncertainties, of borders closing and opening again, of markets lost and won, of state intervention and withdrawal, of nationalistic sentiments set against economic considerations. This high volatility imposed specific demands on entrepreneurs, including a great deal of flexibility. It was not just volatility business people had to cope with. They were also experiencing the disintegration of the highly interconnected economic world of the late nineteenth century. Gradually the world was descending into economic nationalism and protectionism. In these politicised surroundings companies from small countries were more vulnerable towards the nationalistic policies of larger nations. Even if one's economic insights were sound, political decisions could change circumstances dramatically, making a mockery of long-term strategies. This was a period of high unpredictability, in which fortunes were made and lost.

The outbreak of the First World War in 1914 signalled the end of a long period of economic growth and international interconnectedness. For many it came as a shock that such a destructive war was really going on in the Western world. Illustrative is the reaction of the Netherlands Chamber of Commerce in London in 1914:

When sometimes dark clouds appeared in the political sky we consoled ourselves with the reflection that we lived in an enlightened age, an age of unexampled mastery over matter, physical progress, and striking developments in every sphere of the intellect. A large European war seemed impossible. Ever expanding and multiplying commercial, cultural and intellectual communication among the nations had intertwined their interests as never before. It was unthinkable that the attainments of all these unifying forces would be destroyed, and the world put back many years in its development towards a higher level of human existence. (…) Alas, the year has taught us that these theories were unrealistic. ¹

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