7   percent . ▁ ▁The ▁free ▁trade ▁spirit ▁of ▁the ▁time ▁was ▁augment ed ▁by ▁the ▁development ▁of ▁a ▁modern , ▁effective ▁stock ▁market ▁in ▁the ▁Low ▁Count ries . ▁The ▁Netherlands ▁has ▁the ▁oldest ▁stock ▁exchange ▁in ▁the ▁world , ▁founded ▁in ▁ 1 6 0 2 ▁by ▁the ▁Dutch ▁East ▁India ▁Company , ▁while ▁Rot ter dam ▁has ▁the ▁oldest ▁b ourse ▁in ▁the ▁Netherlands . ▁The ▁Dutch ▁East - Ind ia ▁Company ▁exchange ▁went ▁public ▁in ▁six ▁different ▁cities . ▁Later , ▁a ▁court ▁ruled ▁that ▁the ▁company ▁had ▁to ▁res ide ▁leg ally ▁in ▁a ▁single ▁city , ▁so ▁Amsterdam ▁is ▁recognized ▁as ▁the ▁oldest ▁such ▁institution ▁based ▁on ▁modern ▁trad ing ▁principles . ▁While ▁the ▁bank ing ▁system ▁evol ved ▁in ▁the ▁Low ▁Count ries , ▁it ▁was ▁quickly ▁incorpor ated ▁by ▁the ▁well - connected ▁English , ▁stim ulating ▁English ▁economic ▁output . ▁ ▁During ▁the ▁period ▁of ▁Pro to - indust rial ization , ▁the ▁emp ire ▁received ▁ 5 0 % ▁of ▁text iles ▁and ▁ 8 0 % ▁of ▁sil ks ▁import ▁from ▁the ▁Indian ▁M ug hal ▁Empire , ▁chief ly ▁from ▁its ▁most ▁developed ▁region ▁known ▁as ▁Beng al ▁Sub ah . ▁ ▁The ▁Dutch ▁Republic ▁was ▁a ▁master ▁of ▁bank ing , ▁often ▁compared ▁to ▁with ▁Florence ▁during ▁the ▁ 1 4 th ▁century . ▁When ▁Southern ▁Europe ▁was ▁experien cing ▁poor ▁har v ests , ▁sur plus ▁of ▁gra in ▁from ▁Poland ▁was ▁sold ▁by ▁the ▁Dutch ▁for ▁sky