This article has an objective of examining the first phase of globalization with an example of the Dutch .East India Company (de Vereenigde Oostindische Compagnie: VOC). One of the most powerful companies in early modem age, the VOC was an important agent of the encounters between the East and the West. It established over twenty branches (factories") successfully to form efficient commercial networks on Asian waters. The strong military power was surely an important factor which enabled thε VOC to gain a predominant position at least within their staying regions. According to the Steensgaard thesis", the VOC was a typical example of the employment of violence for rational purpose, that is for the maximization of economic profit, and the formation of positive relationship between state and capital" (F. Braudel). Furthermore it was argued that the Dutch penetration caused a structural change" onto Asian commercial systems. However all these arguments need to be reviewed critically. The VOε was not in a position to dominate Asian empires and states, but rather insinuated itself into the established commercial networks to gain a srrvival base. The take-over of Asian economy by the West did not occur unt때 the age of imperialism in the nineteenth century when the European states and companies were empowered by the Industrial Revolution to wield much stronger influence. The VOC was surely a significant step toward the present globalization led by Westem powers, but still of marginal weight. ; 이 논문은 2004년도 학습진흥재단의 지원에 의해 연구되었음. (KRF-2004-044-A00001)