By Peter Bernholz, Roland Vaubel
This booklet discusses theories of financial and monetary innovation and applies them to key financial and monetary concepts in background – beginning with using silver bars in Mesopotamia and finishing with the emergence of the Eurodollar marketplace in London. the most important financial ideas are coinage (Asia minor, China, India), the cost of curiosity on loans, the invoice of alternate and deposit banking (Venice, Antwerp, Amsterdam, London). the most monetary innovation is the emergence of bond markets (also beginning in Venice). Episodes of innovation are contrasted with fairly stagnant environments (the Persian Empire, the Roman Empire, the Spanish Empire). The comparisons recommend that small, open and competing jurisdictions were extra leading edge than huge empires – as has been recommended through David Hume in 1742.
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Additional resources for Explaining Monetary and Financial Innovation: A Historical Analysis
In search of prestige: Foreign contacts and the rise of an elite in Early Dynastic Babylonia. In E. ), Leaving no stones unturned: Essays on the ancient Near East and Egypt in Honor of Donald P. Hansen (pp. 125–137). Eisenbrauns: Winona Lake. Van De Mieroop, M. (2004). Economic theories and the ancient Near East. In R. Rollinger & C. ), Commerce and monetary systems in the ancient world: Means of transmission and cultural interaction (pp. 54–64). Munich: Franz Steiner Verlag. Van De Mieroop, M.
All scholars agree that the public institutions of palaces and Silver as a Financial Tool in Ancient Egypt and Mesopotamia 25 temples played huge and determining roles in the economies of these regions and that they were major players in the distribution of resources in the form of rations and other commodities. They are also aware that on the level of communities exchange happened in ways that are not accounted for in the records and that were based on reciprocity. Everyone furthermore acknowledges that there were other types of transactions that involved exchanges where prices were important and variable, where people had some interest in making profits, and where features of a market economy are visible.
Charpin, D. (2010). Un édit du roi Ammi-ditana de Babylone. In D. Shehata, F. Weiershäuser, & K. V. ), Von Göttern und Menschen: Beiträge zu Literatur und Geschichte des Alten Orients: Festschrift für Brigitte Groneberg (pp. 17–46). Brill: Leiden and Boston. , et al. ). (2005). Autour de Polanyi. Vocabulaires, théories et modalités des échanges. Paris: De Boccard. Farber, H. (1978). A price and wage study for northern Babylonia during the Old Babylonian period. Journal of the Economic and Social History of the Orient, 21, 1–51.