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

American Military History

1.    Factors impacting US preparedness prior to 1941 Before USA joined world war II in December 1941, most Americans including the former President Roosevelt were not eager to join the global military conflict. However, the mo...American-Military-History …

Read Article
What defines a country as the greatest giving statistics and opinions

In the present world, many countries (nations) are considered to be great but only very few are considered to be the greatest. Many research and opinions have been given out to what the greatest nation or country constitute, many saying availabil...What-defines-a-country-as-the-greatest-giving-statistics-and-opinions …

Read Article
School Counseling Collaborative Model Assignment: The ASCA National Collaborative Model

The American School Counselor Association (ASCA) National Collaborative Model​Scholars and mental health practitioners across the United States (US) worry about young people’s increased mental health needs. Besides, youths’ unmet need...School-Counseling-Collaborative-Model-Assignment:-The-ASCA-National-Collaborative-Model …

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