THE RECORD
What changed
The VOC combined earlier ventures and received monopoly, war and treaty powers; share and derivative trading grew in Amsterdam.
EVIDENCE
What remains
The 1602 subscription book, company accounts, shareholder papers and disputes document the early market.
WHY IT MATTERS
Why it matters
It strengthened the joint-stock model for mobilizing large, long-term pools of capital.
OPEN QUESTION
Where interpretation begins
Financial innovation cannot be separated from colonial rule, slavery and coercive monopoly; firsts depend on definitions.