model
The origin of finance is narrated as merchants turning gold receipts into transferable contracts, then lending receipts instead of gold and thereby multiplying claims on the same underlying gold.
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Contracts
The origin of finance is narrated as merchants turning gold receipts into transferable contracts, then lending receipts instead of gold and thereby multiplying claims on the same underlying gold.
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"...a bank for safekeeping. And the bank would give you a contract. Right? A contract is just saying, thank you for giving me your..."
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"...for better and easier trade because now I can take this contract and I can go to England. Okay? Maybe I'm based in Italy...."
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"...for you. So why don't I give you a receipt, a contract instead? Does that make sense? Because all I need is a contract...."
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The first Secret History class starts with Kant and ends with alchemy.
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