'Transaction management creates value in the global economy'
The painting the 'Syndics' (Staalmeesters) by Rembrandt symbolizes that already in the 17th century the Dutch traders realized the importance of good transaction management and keeping transaction costs low. The syndics controlled and categorized the quality of 'laken', a fine woolen fabricate, so that it was unnecessary for traders to control for quality every time before a transaction was to be made. This effectively reduced the transaction costs. Moreover, the quality standards set by the syndics were trusted because they were, in a way, the forerunners of the famous Dutch polder model of consultation, in which the members had different religious backgrounds. A painting protraying these distinguished gentlemen helped to establish trust back in the day. Trust can be seen as a major device in transaction management.