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

Purpose and Importance of Literature Review in Research Proposal

Research proposal literature reviewPulling together a literature review involves more than summarizing an article that you have reviewed, it focuses on a broad area and usually covers the relationship among different works and how they are related...Purpose-and-Importance-of-Literature-Review-in-Research-Proposal …

Read Article
How Bad is it Failing a College Class: Reddit

-Educated By Design: Caption: “Me Trying To Avoid Failing a Class.” Failing a College Class Is No Big Deal - Relax It’s been 3 years since I graduated college and I still have dreams (nightmares?) that I’m failing a class and won’...How-Bad-is-it-Failing-a-College-Class:-Reddit …

Read Article
Retirement Planning

Retirement PlanningDefined Benefit Retirement Plans are structured to calculate the benefits using a defined formula that utilizes factors including; the employment period and salary histories. Under this plan, all investment portfolio options a...Retirement-Planning …

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