The free trade spirit of the time received a strong augmentation through the development of a modern, effective stock market in the Low Countries. The Netherlands has the oldest stock exchange in the world, founded in 1602 by the Dutch East India Company. While Rotterdam has the oldest bourse in the Netherlands, the world's first stock exchange – that of the Dutch East-India Company – went public in six different cities. Later, a court ruled that the company had to reside legally in a single city, so Amsterdam is recognized as the oldest such institution based on modern trading principles. While the banking system evolved in the Low Countries, it was quickly incorporated by the well-connected English, stimulating English economic output.