Ascent of Money | MyPaperHub

According to the video, the term bank came from Italy especially in the world of finance associated with the Jews that lived in Venice. It has come after great developments in mathematical computations developed by Fibonacci where he introduced the Arabic numeral system that was far simpler than the roman system that was dragging Italy and behind as far and finance is concerned. Jews living in Italy were greatly discriminated by Christians who confined them to ghettos. At this time money lending had already taken shape. However, for Christians, money lending was possible, but it was a sin to offer a person a loan at interest.

This factor greatly placed Jews at a better position in the world of finances where they would offer Christina loans at interest. The process of the computation of the mathematics would take place behind closed doors in the ghettos of Venice, and this is where the term bank rose from.

The development of lending in Italy was made legitimate by the Medici family that developed the first official banking system. At the time charging interest and criminal actions against defaulters were highly regarded as a sin and illegal. However, the Medici family embarked on a system of commissions of foreign exchange and interest that was hidden in the mathematics. They also developed a model of increasing is scale in order to cushion the effects of defaulters which is similar to the model developed by the Rothschild family.

The first episode shows how banks operate and are good for understanding how important aspects of banking developed as well as the principles they were built upon. In comparison to the world of today, the aspect of interest charged on loans is a very important factor, and governments play a great role in regulating it to ensure that the public is protected.


 

References

Ferguson, Niall. The Ascent of Money: A Financial History of The World by Niall Ferguson Epsd 1 5 Full Documentary. 2013. https://www.youtube.com/watch?v=fsrtB5lp60s.

 

 

Additional articles

Context and reading comprehension studies

Putting things into a context or contextualization is the ability of the reader or student to place language items in a meaningful and also real perspective instead o treating them as separate or individual items of language and hence it makes the...Context-and-reading-comprehension-studies …

Read Article
Gun Control

The security of this country is increasingly in the world today. As such the topic of gun control and arms proliferation is increasingly attracting concern from major international bodies and organisations. It is with no doubt that Peace and war h...Gun-Control …

Read Article
5 online tools for better writing skills

In my years of being a writer, I have learned a few trade secrets that are not only made me become a more efficient writer but a better one as well. While it's true that there's no better way to perfect a craft than to practice it, the modern time...5-online-tools-for-better-writing-skills …

Read Article
Let's give your paper the attention it deserves