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Presents an overview of the most important key financial innovations in history
Illustrates why, historically, almost all important monetary innovations emerged in small, open and competing states
Explains how money emerged and evolved with special analysis of the most important junctions in monetary history
This book discusses theories of monetary and financial innovation and applies them to key monetary and financial innovations in history – starting with the use of silver bars in Mesopotamia and ending with the emergence of the Eurodollar market in London. The key monetary innovations are coinage (Asia minor, China, India), the payment of interest on loans, the bill of exchange and deposit banking (Venice, Antwerp, Amsterdam, London). The main financial innovation is the emergence of bond markets (also starting in Venice). Episodes of innovation are contrasted with relatively stagnant environments (the Persian Empire, the Roman Empire, the Spanish Empire). The comparisons suggest that small, open and competing jurisdictions have been more innovative than large empires – as has been suggested by David Hume in 1742.
Content Level »Research
Keywords »Eurodollar Market - Financial Case Study - Financial Innovation - History of Finance - Monetary Innovation