It is important to note that until about the mid-1700s, the Dutch Republic's economic and financial system were the most advanced and sophisticated ever seen in history. In its Golden Age, the Dutch Republic was responsible for many pioneering innovations in economic, business and financial history of the world. Like the first recorded asset bubbles, early stock market bubbles and crashes had their roots in socio-politico-economic activities of the 17th-century Dutch Republic (the birthplace of the world's first formal stock exchange and stock market), the Dutch East India Company (the world's first formally listed public company) and the Dutch West India Company, in particular.