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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Finance Origin
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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Timestamped Evidence
"How was it created? Okay. Well, actually, there's a very easy explanation for where we got the system from. All right? So let me..."
"Right? And this would allow for better and easier trade because now I can take this contract and I can go to England. Okay?..."
"But I say to him, yeah, but if I give you the gold, you have a security issue. It's inconvenient for you. So why..."
Relevant Lectures And Readings
The first Secret History class starts with Kant and ends with alchemy.
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