Monopoly trade over the Faroe Islands

The monopoly trade over the Faroe Islands lasted from 1529 to 1856 . Its abolition in 1856 is considered one of the most important events in the history of the Faroe Islands .

The monopoly trade was introduced shortly before the Reformation in the Faroe Islands ( 1538 ), which was to perpetuate Denmark's rule over the originally Norwegian colony. In a narrower sense, the period from 1709 to 1856 is seen as the time of the Royal Danish monopoly trade, while previously it was often feudal lords who were given the trade monopoly.

The monopoly trade had both positive and negative sides for the Faroese .

One of the positive sides can be counted that the rural producers were guaranteed fixed purchase prices. But that didn't always lead to relative social security. The most negative impact, however, was the relative isolation of the already geographically remote group of islands. This meant that only very rarely ships other than those of the monopoly trade came to the Faroe Islands and, above all, that the Faroese did not engage in international trade themselves, i.e. did not have their own merchant fleet with which they could come into contact with the outside world, as they still do was common in the Faroe Islands during the Viking Age .

The most important export commodity was the high-quality Faroese wool . Everything was imported that was not available there due to the natural conditions of the Faroe Islands, such as wood, metal goods, spices, wine, etc.

It was only when the monopoly trade was abolished that the Faroese began deep-sea fishing and built up their own fleet and industry. At the political-national level, free trade finally led to the national awakening from 1888 and 1948 , after the British occupation during the Second World War, to the attainment of autonomy .