8 Fassinerende feite oor lenings in die geskiedenis - geskiedenis

8 Fassinerende feite oor lenings in die geskiedenis - geskiedenis



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8 Fassinerende feite oor lenings deur die geskiedenis

Alhoewel dit miskien nie die interessantste en verrassendste onderwerp is om na te gaan nie, is die geskiedenis van kredietverlening eintlik baie oortuigender en ingewikkelder as wat u sou besef.
Terwyl verbruikers van vandag die gemak van aanlynlenings kan geniet, was dit nie altyd so eenvoudig om geld te leen nie.
Lees verder om die agt mees fassinerende feite oor lenings deur die geskiedenis te ontdek. U sal miskien verbaas wees om uit te vind hoeveel belangrike vordering in die menslike beskawing nie moontlik sou wees sonder die gebruik van krediet nie.

Die heel eerste betaaldaglenings is deur boere gebruik

Alhoewel betaalde lenings vandag in oorvloed aanlyn beskikbaar is om te betaal vir onverwagte noodgevalle en onvoorsiene rekeninge, bied vertroude leners soos Cash Lady, Cash Into Pay, LendUP en Cashnet USA 'n reddingsboei aan diegene wat 'n vinnige en onbetwiste instroom van kontant benodig, terug in Mesopotamië in 2000 vC, sou boere saad leen om later terug te betaal wanneer hul oeste begin opbrengs. Hulle sou dan 'n nuwe voorskot vir die aanplanting van die volgende seisoen versoek, om die siklus van lenings en terugbetalings voort te sit, net om weer te leen.

Tempels was die oorspronklike banke

In 1754 is die eerste rentekoerse ingestel toe Sumeriese tempels as banke sowel as aanbiddingsplekke gebruik is. Dit was in hierdie tyd dat grootskaalse lenings begin ontstaan ​​het, en daarmee saam ontstaan ​​krediet en die idee om rente te hef.
Silwer het ook meer gewild geword, wat daartoe gelei het dat die Hammurabi -kode uitgereik is, 'n regulasie wat die prys van silwer bepaal en die rente wat op hierdie edelmetaal gehef kan word.

Uitleen is in die Middeleeue verbied

Gedurende hierdie tydperk het godsdiens die deurslag gegee, en beide die Bybel en die Koran verbied die gebruik van lenings. Die enigste mense wat toegelaat is om te leen, was Jode, wat daartoe gelei het dat hulle later vervolg is.

Die term 'bankrot' beteken stukkende bank

Die woord bankrot is afgelei van sowel die Italiaanse woord vir bank, 'banca' as die Latynse woord 'gebroke'. In Italië was Jode nie toegelaat om grond te besit nie en moes hulle dus geld uit banke leen. As geld vir 'n spesifieke handelaar opraak, sou hul bank stukkend wees, vandaar die term bankrot.

Die eerste spaarbank in die VSA het in 1816 geopen

Die Philadelphia Savings Fund Society open sy deure vir die eerste keer in Desember 1816 met die doel om die gemiddelde Amerikaanse burger die geleentheid te bied om geld te spaar en te leen. Dit was die begin van meer algemene kredietverlening wat toeganklik was vir almal eerder as net die rykes.

In 1950 is die eerste 'kredietkaart' gebruik

'N Man met die naam Frank McNamara het in hierdie jaar geskiedenis gemaak deur vir sy aandete te betaal met 'n kartonkaart, wat vandag 'n Diners Club -kaart genoem word. Dit was eers agt jaar later dat die Bank of America die voordele van hierdie manier van geld leen en die BankAmericard bekendstel, wat dit aan meer as 60 000 verbruikers in die VSA gestuur het.

In die 80's het die evolusie van rekenaars leen na 'n nuwe vlak geneem

Net soos leners begin sukkel het met die oorvloed papierwerk en liassering wat nodig was om die toenemende gewildheid van krediet op die hoogte te hou, het die ontwikkeling van rekenaars en elektroniese data die dag gered.
Skielik kon verbruikers leningsaansoeke aanlyn invul, wat beteken dat leners nie eers die gemak van hul eie huise hoef te verlaat om goedgekeur te word vir krediet nie.

Alternatiewe lenings is in 2006 van stapel gestuur

Besighede hoef nie meer op banklenings staat te maak nie, omdat hulle eerder mededingende lenings kan geniet waar leners aktief teen mekaar meeding om die beste voorwaardes te bied. Dit het nie net beter uitleenkoerse tot gevolg gehad nie, maar ook 'n toename in leningsgoedkeurings.
Wat die toekoms van lenings betref, wie weet regtig? Behalwe dat dit veilig is om te sê dat die tendens van aanlynlenings hier is om te bly, en dit is beslis nie 'n slegte ding nie.


Die Financial Times berig [inskrywing benodig] dat ontleders skat dat die vraag na die verbrandingsmotor in 2018 'n hoogtepunt bereik het, 'n paar jaar vooruit. "As u na 2018 kyk sedert die somer, gaan nuwe motorverkope in al die belangrike markte daal," sê Axel Schmidt, wêreldwye motorvoorsitter by Aksentuur. "Die verkoop van motors met verbrandingsmotors aan kliënte - dit sal nie in die toekoms groei nie."

Selfs as die algehele motorverkope in 2019 of 2020 toeneem, word voorspel dat elektriese motors vinnig genoeg sal groei om die aandeel van verbrandingsmotors te verminder.

In November, General Motors (NYSE: GM) het aangekondig dat dit 14 000 poste sal uitskakel en vyf fabrieke in Noord-Amerika sal sluit om die ontwikkeling van elektriese motors en selfbestuurde voertuie voorop te stel.

Beeldbron: Getty Images.


Verwysings

Barrameda, J. (2012). Die Bicol -martelare van 1896 is weer besoek. Bicol Mail. Ontsluit 2 Oktober 2015 van http://goo.gl/xCidXA

Cheng, J. (1960). Silwer muntstukke begrawe onder die see. Die Quan, bl. 3. Opgehaal van http://goo.gl/M0CiIb

Davies, H. (1848). As gevolg van twee arbeid van 'n dwerg, met 'n paar waarnemings oor die werking van kraniotomie en oor die induksie van voortydige arbeid. The London Lancet: 'n Tydskrif vir Britse en buitelandse mediese en chemiese wetenskap, kritiek, letterkunde en nuus, 8, 31-32. Opgehaal van https://goo.gl/90lEhL

Garvey, J. (2007). San Francisco in die Tweede Wêreldoorlog (bl. 26). Uitgewery van Arcadia.

Hubbell, J. Die Great Manila Bay Silver Operation. Corregidor.org. Ontsluit 2 Oktober 2015 van http://goo.gl/ie3fnb

Labro, V. (2011). 'Wit Russe' keer terug na die vlugteling -eiland. Inquirer.net. Ontsluit 2 Oktober 2015 van http://goo.gl/Ab78LZ

Limbird, J. (1836). J. Limbird. Die spieël van letterkunde, vermaak en onderrig, 28, 295. Onttrek van https://goo.gl/l29shw

Lodi News Sentinel ,. (1972). Bridge Collapse Kills Catholics, p. 13. Opgehaal van https://goo.gl/JuLUwr

Die Milwaukee Journal. (1941). Helde van die Filippyne vereer deur MacArthur, p. 3. Opgehaal van https://goo.gl/WgNdPx

Wheeler, M. (1913). Die Culion melaatse kolonie. Die American Journal Of Nursing, 13, 663-665. Opgehaal van https://goo.gl/p7NYOH

FilipiKnow streef daarna om te verseker dat elke artikel wat op hierdie webwerf gepubliseer word, so akkuraat en betroubaar as moontlik is. Ons nooi u, ons leser, uit om deel te neem aan ons missie om gratis inligting van elke Juan te verskaf. As u dink dat hierdie artikel verbeter moet word, of as u voorstelle het oor hoe ons ons doelwitte beter kan bereik, laat weet ons dit deur 'n boodskap aan admin by filipiknow dot net te stuur


Van die Britse koninklikes tot die funksionarisse van die Chinese en Pakistaanse regering, die viering van Indië as 'n soewereine demokratiese republiek het die afgelope 71 jaar baie belangrike uitnodigings beleef

Nadat die Britse premier Boris Johnson onlangs aangekondig het dat hy nie as hoofgas na die parade van die Republiekdag op 26 Januarie 2021 na Indië sal reis nie, het Indië besluit om geen ander buitelandse hoogwaardigheidsbekleër in sy plek uit te nooi nie. Johnson het die reis op 5 Januarie gekanselleer, aangesien 'n nuwe mutante stam van die koronavirus in die Verenigde Koninkryk na vore gekom het.

Dit is die eerste keer sedert 1966 dat Indië nie 'n wêreldleier as gas sal hê nie, aangesien die land die Republiekdag -funksie vier.


Vuurvlieglarwes is vleisetende roofdiere, en hul gunsteling kos is escargot. Die meeste vuurvliegspesies woon in klam, aardse omgewings, waar hulle voed op slakke of wurms in die grond. 'N Paar Asiatiese spesies gebruik kieue om onder water asem te haal, waar hulle waterslakke en ander weekdiere eet. Sommige spesies is boomryke, en hul larwes jag boomslakke.

Wat volwasse vuurvliegies eet, is grootliks onbekend. Dit lyk asof die meeste glad nie voed nie, terwyl ander glo myte of stuifmeel eet. Ons weet wel dat Photuris -vuurvliegies ander vuurvliegies eet. Photuris -wyfies smul graag aan mannetjies van ander geslagte.

Hierdie Photuris femmes fatales Gebruik 'n truuk genaamd aggressiewe nabootsing om etes te vind. As 'n manlike vuurvlieg van 'n ander genus sy ligsein flits, antwoord die wyfie Photuris met die flitspatroon van die mannetjie, wat daarop dui dat sy 'n ontvanklike maat van sy spesie is. Sy gaan voort om hom in te lok totdat hy binne haar bereik is. Dan begin haar ete.

Volwasse vroulike Photuris-vuurvliegies is ook kleptoparasities en kan gesien word hoe hulle voed op sy-toegedraaide vuurvliegies van Photinus-spesies (soms selfs hul eie soort) wat in 'n spinnerak hang. Epiese gevegte kan tussen die spinnekop en die vuurvlieg voorkom. Soms kan die vuurvlieg die spinnekop lank genoeg weerhou om die prooi wat met sy toegedraai is, te verteer, soms sny die spinnekop die web en haar verliese, en soms vang die spinnekop die vuurvlieg en die prooi en laat hulle albei in sy toegedraai word.


Variëteite van Engels

Vanaf ongeveer 1600 het die Engelse kolonisasie van Noord -Amerika gelei tot die skepping van 'n duidelike Amerikaanse verskeidenheid Engels. Sommige Engelse uitsprake en woorde "het gevries" toe hulle Amerika bereik het. Op sommige maniere is Amerikaans Engels meer soos die Engels van Shakespeare as wat moderne Britse Engels is. Sommige uitdrukkings wat die Britte 'Amerikanismes' noem, is eintlik oorspronklike Britse uitdrukkings wat in die kolonies behoue ​​gebly het terwyl hulle 'n tyd lank in Brittanje verlore gegaan het (byvoorbeeld asblik vir rommel, lening as 'n werkwoord in plaas van leen, en val vir die herfs nog 'n voorbeeld, raamwerk, is weer in Brittanje ingevoer deur middel van Hollywood-gangsterfilms). Spaans het ook 'n invloed op Amerikaans Engels (en daarna Brits Engels) gehad, met woorde soos canyon, plaas, stormloop en waaksaam voorbeelde van Spaanse woorde wat deur die vestiging van die Amerikaanse Weste in Engels verskyn het. Franse woorde (deur Louisiana) en Wes -Afrikaanse woorde (deur middel van slawehandel) het ook Amerikaanse Engels (en tot 'n mate, Britse Engels) beïnvloed.

Vandag is Amerikaans Engels veral invloedryk vanweë die Amerikaanse oorheersing van rolprente, televisie, populêre musiek, handel en tegnologie (insluitend die internet). Maar daar is baie ander variëteite Engels regoor die wêreld, insluitend byvoorbeeld Australiese Engels, Nieu -Seelandse Engels, Kanadese Engels, Suid -Afrikaanse Engels, Indiese Engels en Karibiese Engels.

Die Germaanse Taalfamilie

Engels is 'n lid van die Germaanse taalfamilie. Germaans is 'n tak van die Indo-Europese taalfamilie.


5. Leners sal 'n harde kredietkontrole doen wanneer u aansoek doen

As u deur al hierdie wonderlike persoonlike leningsopsies blaai, kan u in die versoeking kom om vir almal aansoek te doen. Hoe meer u aansoek doen, hoe groter is u kanse, nie waar nie?

Dit sal egter die gevolge hê. Dit is omdat die leners 'n harde kredietkontrole op u aflê wanneer u om 'n persoonlike lening aansoek doen. Dit beteken dat as u u kredietgeskiedenis ondersoek, u kredietgradering 'n bietjie verlaag.

Soos u kan dink, kan u kredietgradering baie daal as verskeie leners dit moet doen. Wees dus selektief in u toepassings en kies slegs met 1 of 2 ondernemings eerder as almal wat u effens belangstel.


Klimaatsverandering: hoe weet ons dit?

Hierdie grafiek, gebaseer op die vergelyking van atmosferiese monsters in yskerne en meer onlangse direkte metings, bewys dat atmosferiese CO2 het toegeneem sedert die Industriële Revolusie. (Krediet: Luthi, D., et al .. 2008 Etheridge, D.M., et al. 2010 Vostok ice core data/J.R. Petit et al. NOAA Mauna Loa CO2 rekord.) Lees meer oor yskerne (eksterne webwerf).

Die klimaat op aarde het deur die geskiedenis verander. Net in die afgelope 650 000 jaar was daar sewe siklusse van gletservordering en terugtog, met die skielike einde van die laaste ystydperk ongeveer 11 700 jaar gelede wat die begin van die moderne klimaatera en die menslike beskawing was. Die meeste van hierdie klimaatsveranderinge word toegeskryf aan baie klein variasies in die aarde en rsquos -wentelbane wat die hoeveelheid sonenergie wat ons planeet ontvang, verander.

Die huidige opwarmingstendens is veral van belang, want die grootste deel daarvan is hoogs waarskynlik (groter as 95% waarskynlikheid) die gevolg van menslike aktiwiteite sedert die middel van die 20ste eeu en verloop teen 'n ongekende tempo oor millennia. 1

Aarde-wentelende satelliete en ander tegnologiese vooruitgang het wetenskaplikes in staat gestel om die geheelbeeld te sien en baie verskillende tipes inligting oor ons planeet en sy klimaat op 'n wêreldwye skaal te versamel. Hierdie hoeveelheid data wat oor baie jare versamel is, onthul die seine van 'n veranderende klimaat.

Die hitte-vangende aard van koolstofdioksied en ander gasse is in die middel van die 19de eeu aangetoon. 2 Hulle vermoë om die oordrag van infrarooi energie deur die atmosfeer te beïnvloed, is die wetenskaplike basis van baie instrumente wat deur NASA gevlieg word. Daar is geen twyfel dat verhoogde vlakke van kweekhuisgasse die aarde moet laat opwarm as gevolg daarvan nie.

Yskerne wat uit Groenland, Antarktika en tropiese berggletsers afkomstig is, toon dat die klimaat op aarde en reageer op veranderinge in kweekhuisgasvlakke. Ou bewyse kan ook gevind word in boomringe, sedimente in die see, koraalriwwe en lae sedimentêre gesteentes. Hierdie ou, of paleoklimaat, bewyse toon dat huidige opwarming ongeveer tien keer vinniger plaasvind as die gemiddelde tempo van opwarming deur ystydperk. Koolstofdioksied uit menslike aktiwiteite neem meer as 250 keer vinniger toe as uit natuurlike bronne ná die laaste ystydperk. 3

Die bewyse vir vinnige klimaatsverandering is oortuigend:


Inhoud

Meer stabiele ekonomiese verhoudinge is bewerkstellig met 'n verandering in sosio-ekonomiese toestande van 'n afhanklikheid van jag en versameling van voedsel tot landboupraktyke, gedurende periodes wat begin het na 12 000 vC, ongeveer 10 000 jaar gelede in die vrugbare halfmaan, in die noorde van China, ongeveer 9 500 jaar gelede, ongeveer 5 500 jaar gelede in Mexiko en ongeveer 4 500 jaar gelede in die oostelike dele van die Verenigde State. [4] [5] [6]

Geldelike redigering

Die geskiedenis van bankwese is vervleg met die geskiedenis van geld. Antieke soorte geld, bekend as graangeld en voedselbeesgeld, is gebruik uit 'n tyd van ongeveer 9000 vC, as twee van die vroegste dinge wat vir ruilhandel gebruik kon word. [7] [8]

Anatoliese obsidiaan as grondstof vir steentydperkgereedskap word vanaf ongeveer 12 500 vC versprei. Die voorkoms van 'n georganiseerde handel was gedurende die 9de millennium aktief (CauvinChataigner 1989). Binne Sardinië, wat die ligging was van een van die vier belangrikste terreine vir die verkryging van die materiële afsettings van obsidiaan in die Middellandse See, is handel met obsidiaan gedurende die 3de millennia vervang deur handel in koper en silwer. [9] [10] [11] [12] [13] [14]

Rekordhouding Bewerk

Voorwerpe wat gebruik word vir rekordhouding, "bulla" en tekens, is teruggevind uit opgrawings in die Nabye Ooste, gedateer uit 'n tydperk wat begin 8000 v.C. en eindig 1500 v.C., as rekords van die tel van landbouprodukte. Aan die einde van die vierde millennia het mnemoniese simbole begin gebruik deur tempels en paleise om voorraadprodukte op te neem. Tipes rekords wat handel dryf oor die uitruil van betalings, word eerstens omstreeks 3200 gemaak. Kode van Hammurabi, verwys na die regulering van 'n soort bankbedrywigheid binne die beskawing (Armstrong) van 'n era wat dateer uit ca. 1700 v.G.J. was bankwese goed genoeg ontwikkel om wette vir bankbedrywighede te regverdig. [nb 1] Later tydens die Achaemenidiese Ryk (na 646 vC, [15] word verdere bewyse gevind van bankpraktyke in die Mesopotamië -streek. [16] [17] [18] [19] [20] [21] [22] [23]

Strukturele wysiging

Teen die 5de millennium vC is die nedersettings van Sumer, soos Eridu, rondom 'n sentrale tempel gevorm. In die vyfde millennium het mense begin bou en woon in die beskawing van stede, wat 'n struktuur bied vir die bou van instellings en instellings. Vertel Brak en Uruk was twee vroeë stedelike nedersettings. [19] [24] [25] [26] [27]

Asië Redigeer

Mesopotamië en Persië Redigeer

Daar word vermoed dat bankwese as 'n argaïese aktiwiteit (of kwasi-bankwese [28] [29]) op verskillende tye begin het, gedurende 'n tydperk so vroeg as die laaste deel van die 4de millennium vC, [30] tot binne die 4de tot 3de millennia BCE [31] [32]

Voor die bewind van Sargon I van Akkad (2335–2280 v.C. [33]) was die voorkoms van handel beperk tot die interne grense van elke stadstaat Babilon en die tempel wat destyds in die middelpunt van ekonomiese aktiwiteit daarin handel was. vir burgers buite die stad is verbied. [24] [34] [35]

In Babilonië van 2000 vC moes mense wat goud deponeer, soveel as een sestigste van die totale deposito betaal. Dit is bekend dat beide die paleise en die tempel uit die rykdom wat hulle besit het geleen en uitgereik - die paleise in mindere mate. Sulke lenings behels tipies die uitreiking van saadkorrels, met herbetaling uit die oes. Hierdie basiese sosiale ooreenkomste is in kleitablette gedokumenteer, met 'n ooreenkoms oor die aanwas van rente. Die gewoonte om rykdom in tempels te deponeer en op te slaan, het ten minste tot 209 vC voortgeduur, soos blyk uit Antiochië wat die tempel van Aine in Ecbatana (Media) van goud en silwer verwoes of geplunder het. [36] [37] [38] [39] [40] [41] [42] [43]

Spykerskrifte van die huis van Egibi van Babilonië beskryf die finansiële aktiwiteite van die gesin dat dit iewers na 1000 vC plaasgevind het en iewers tydens die bewind van Darius I geëindig het. in "professionele bankwese." (Dandamaev et al 2004) en ekonomiese aktiwiteite soortgelyk aan moderne depositobankdienste, hoewel 'n ander die gesin se aktiwiteite beter beskryf as entrepreneurskap eerder as bankwese (Wunsch 2007). Die voorsiening van krediet is blykbaar ook iets waaraan die Murashu -gesin deelgeneem het (Moshenskyi 2008). [44] [45] [46] [47] [48] [49] [50] [51] [52] [53]

Klein Asië Redigeer

Vanaf die vierde millennia het landbou nedersettings voorheen met administratiewe aktiwiteite begin. [54] [55] [56] [57]

Die tempel van Artemis in Efese was die grootste bewaarplek van Asië. 'N Pothouer uit 600 vC is gevind in opgrawings deur die British Museum gedurende die jaar na 1904. Gedurende die tydperk dat die eerste Mithridatiese oorlog gestaak is, is die hele skuldrekord wat destyds gehou is, deur die raad nietig verklaar. Daar word aangeteken dat Mark Anthony by geleentheid gesteel het. Die tempel was 'n bewaarplek vir Aristoteles, Caesar, Dio Chrysostomus, Plautus, Plutarch, Strabo en Xenophon. [58] [59] [60] [61] [62] [63] [64]

Die tempel vir Apollo in Didyma is iewers in die 6de eeu gebou. 'N Groot som goud is destyds deur koning Croesus in die skatkis gestort. [65] [66]

Indië Redigeer

In antieke Indië is daar bewyse van lenings uit die Vediese tydperk (begin 1750 vC). Later tydens die Maurya -dinastie (321 tot 185 vC) was 'n instrument genaamd adesha in gebruik, wat 'n bevel was aan 'n bankier wat hom wou die geld van die note aan 'n derde persoon betaal, wat ooreenstem met die definisie van 'n rekening van ruil soos ons dit vandag verstaan. Gedurende die Boeddhistiese tydperk is hierdie instrumente aansienlik gebruik. Handelaars in groot dorpe het kredietbriewe aan mekaar gegee. [67] [68] [69]

China Redigeer

In antieke China, wat begin het in die Qin -dinastie (221 tot 206 vC), het die Chinese geldeenheid ontwikkel met die bekendstelling van gestandaardiseerde munte wat makliker handel in China moontlik gemaak het en gelei het tot die ontwikkeling van kredietbriewe. Hierdie briewe is uitgereik deur handelaars wat op 'n manier opgetree het wat ons vandag as banke sou verstaan. [70]

Antieke Egipte Redigeer

Sommige geleerdes stel voor dat die Egiptiese graanbankstelsel so goed ontwikkel is dat dit vergelykbaar was met groot moderne banke, wat die aantal takke en werknemers betref, sowel as die totale volume transaksies. Tydens die heerskappy van die Griekse Ptolemeërs, is die graanskure omskep in 'n netwerk van banke wat in Alexandrië gesentreer is, waar die hoofrekeninge van al die Egiptiese plaaslike graanbanke aangeteken is. Dit het die plek geword van een van die vroegste bekende sentrale banke van die regering, en het moontlik sy hoogtepunt bereik met die hulp van Griekse bankiers. [71]

Volgens Muir (2009) was daar twee soorte banke in Egipte: koninklik en privaat. [72] Dokumente wat gemaak is om die bankwyse van belasting aan te toon, staan ​​bekend as peptoken-rekords. [73]

Griekeland Edit

Trapezitica is die eerste bron wat bankdienste dokumenteer (de Soto - bl. 41). Die toesprake van Demosthenes bevat talle verwysings na die uitreiking van krediet (Millett bl. 5). Xenophon word erken dat hy die eerste voorstel gemaak het van die stigting van 'n organisasie wat in die moderne definisie bekend staan ​​as 'n aandelebank in Oor inkomste geskryf ongeveer 353 BCE [8] [74] [75] [76]

Die stadstate van Griekeland na die Persiese oorloë het 'n regering en kultuur tot stand gebring wat voldoende georganiseer was vir die geboorte van 'n privaat burgerskap en dus 'n embrionale kapitalistiese samelewing, wat die skeiding van rykdom van eksklusiewe staatsbesit tot die moontlikheid van eienaarskap deur die individu moontlik maak. [77] [78]

Volgens een bron (Dandamaev et al), was trapeziete die eerste om handel te dryf met geld gedurende die 5de eeu vC, in teenstelling met vroeëre handel wat plaasgevind het met behulp van vorme van voorafgeld. [79]

Spesifieke fokus van fondse Wysig

Die vroegste opbergingsvorme wat gebruik is, was die rudimentêre geldkassies (ΘΗΣΑΥΡΌΣ [80]) wat soortgelyk gemaak is aan die bou van 'n byekorf, en byvoorbeeld gevind is in die Mycene-grafte van 1550–1500 v.C. [81] [82] [83] [84] [85] [86] [87]

Privaat en burgerlike entiteite in die antieke Griekse samelewing, veral Griekse tempels, het finansiële transaksies uitgevoer. (Gilbart p. 3) Die tempels was die plekke waar skatte bewaar is vir bewaring. Die drie tempels wat die belangrikste gedink het, was die tempel van Artemis in Efese, en die tempel van Hera in Samos, en in Delphi, die tempel van Apollo. Dit het bestaan ​​uit deposito's, wisselkoerse, geldigheid van muntstukke en lenings. [8] [75] [88] [89]

Die eerste skatkamer van die Apolloniese tempel is voor die einde van die 7de eeu vC gebou. 'N Skatkis van die tempel is gedurende die 6de eeu deur die stad Siphnos gebou. [90] [91] [92]

Voordat die Perse tydens die 480 -inval vernietig is, het die Atheense Akropolis -tempel wat aan Athena gewy is, geld gebêre. Pericles herbou 'n bewaarplek wat daarna in die Parthenon voorkom. [93]

Tydens die regering van die Ptolemeërs het staatsdeposito's tempels vervang as die plek van sekuriteitsdeposito's. Daar bestaan ​​rekords om aan te toon dat dit aan die einde van die bewind van Ptolemeus I (305–284) plaasgevind het. [94] [95] [96] [97]

Namate die behoefte aan nuwe geboue om bedrywighede te huisves toeneem, het die bou van hierdie plekke in die stede begin rondom die binnehowe van die agora (markte). [98]

Geografiese fokus van bankaktiwiteite Redigeer

Athene ontvang die skatkis van die Delian -liga gedurende 454. [99]

Gedurende die laat 3de en 2de eeu vC het die Egeïese eiland Delos 'n prominente banksentrum geword. [100] Gedurende die 2de eeu was daar vir sekere drie oewers en een tempelbewaarplek in die stad. [101]

Vyf en dertig Hellenistiese stede het gedurende die 2de eeu private banke gehad (Roberts-p. 130). [101]

Van die nedersettings van die Grieks-Romeinse wêreld van die 1ste eeu nC, was drie van uitgesproke rykdom en bankdienste: Athene, Korinte en Patras. [102] [103] [104] [105] [106]

Lenings wysig

Baie lenings word vanaf die klassieke eeu in geskrifte aangeteken, hoewel 'n baie klein deel deur banke verskaf is. Die verskaffing hiervan was waarskynlik 'n verskynsel van Athene, waarvan lenings teen 'n jaarlikse rente van 12%verstrek is. Binne die grense van Athene word aangeteken dat banklenings altesaam elf keer uitgereik is (Bogaert 1968). [74] [107] [108]

Banke het soms lenings vertroulik beskikbaar gestel, dit wil sê dat hulle fondse verskaf het sonder dat dit in die openbaar en openlik bekend was dat hulle dit ook gedoen het. Boonop het hulle ook die name van die deposante vertroulik gehou. Hierdie bemiddeling op sigself was bekend as dia tes trapazēs. [88]

'N Lening is deur die tempel van Athene aan die staat aangegee gedurende 433–427 vC. [109]

Rome Edit

Romeinse bankaktiwiteite was 'n deurslaggewende teenwoordigheid in tempels. Byvoorbeeld, die muntwinning het binne tempels plaasgevind, veral die Juno Moneta -tempel, maar gedurende die tyd van die Ryk het openbare deposito's geleidelik nie meer in tempels gehou nie, maar in plaas daarvan in private bewaarplekke gehou. Tog het die Romeinse Ryk die handelspraktyke van Griekeland (Parker) geërf. [77] [94] [110]

Gedurende 352 vC 'n rudimentêre openbare bank (bekend as dēmosía trápeza [111]) gevorm is, met die verloop van 'n konsulêre opdrag om 'n kommissie van mensarii om skuld in die verarmde laer klasse te hanteer. 'N Ander bron toon bankpraktyke gedurende 325 vC toe die Plebeërs, as gevolg van hul skuld, geld moes leen, so nuut aangestel quinqueviri mensarii is opdrag gegee om dienste te lewer aan diegene wat sekuriteit het, in ruil vir geld uit die staatskas. 'N Ander bron (J. Andreau) het die bankwinkels van Antieke Rome wat eers in die tydperk 318 tot 310 vC in die openbare forums geopen het. [112] [113] [114]

In die vroeë antieke Rome was deposito bankiers bekend as argentarii en later (vanaf die 2de eeu na Christus) as nummularii (Andreau 1999 bl. 2) of mensarii. Die bankhuise was bekend as Taberae Argentarioe en Mensoe Numularioe. Hulle sou hul stalletjies in die middel van omheinde binnehowe oprig macella op 'n lang bank genaamd a bancu, [ aanhaling nodig ] waaruit die woorde banco en bank afgelei word. [115] As geldwisselaar het die handelaar by die bancu het nie soveel geld belê as bloot die buitelandse valuta omskakel in die enigste wettige betaalmiddel in Rome nie - dié van die keiserlike munt. [75] [113] [114] [116]

Bankbedrywighede in die Romeinse samelewing het bekend gestaan ​​as officium argentarii. Statute (125/126 CE) van die Ryk beskryf "brief van Caesar vir Quietus"toon huurgeld wat ingesamel moet word by persone wat grond gebruik wat aan 'n tempel behoort en aan die tempelmeester gegee word, soos bepaal deur Mettius Modestus, goewerneur van Lycia en Pamphylia. 'n Wet, receptum argentarii, verplig 'n bank om sy kliënte skuld onder waarborg te betaal. [117] [118] [119] [120]

Cassius Dio bepleit die oprigting van 'n staatsbank, befonds deur die verkoop van al die eiendomme wat destyds deur die staat besit is. [121]

In die 4de eeu het monopolieë bestaan ​​in Bisantium en in die stad Olbia in Sardinië. [122] [123]

Die Romeinse ryk het op 'n stadium die administratiewe aspek van die bankwese geformaliseer en 'n groter regulering van finansiële instellings en finansiële praktyke ingestel. Om rente op lenings te betaal en rente op deposito's te betaal, het meer ontwikkel en mededingender geword. Die ontwikkeling van Romeinse banke is egter beperk deur die Romeinse voorkeur vir kontanttransaksies. Tydens die bewind van die Romeinse keiser Gallienus (260–268 nC) was daar 'n tydelike ineenstorting van die Romeinse bankstelsel nadat die banke die kopervlokkies wat deur sy mynt geproduseer is, verwerp het. Met die opkoms van die Christendom het bankwese nog meer beperkings ondergaan, aangesien die heffing van rente as immoreel beskou is. Na die val van Rome het die bankwese tydelik in Europa geëindig en eers in die tyd van die kruistogte herleef. [ aanhaling nodig ]

Die meeste vroeë godsdienstige stelsels in die ou Nabye Ooste, en die sekulêre kodes wat daaruit voortspruit, het woeker verbied. Hierdie samelewings beskou lewelose materie as lewendig, soos plante, diere en mense, en is in staat om homself voort te plant. As u dus 'voedselgeld' of enige soort geld geleen het, was dit wettig om rente te hef. [124] Kosgeld in die vorm van olywe, dadels, sade of diere is al ongeveer c uitgeleen. 5000 vC, indien nie vroeër nie. Onder die Mesopotamiërs, Hetiete, Fenisiërs en Egiptenare was rente wettig en dikwels deur die staat vasgestel. [125]

Judaïsme Redigeer

Die Torah en latere gedeeltes van die Hebreeuse Bybel kritiseer belangstelling, maar interpretasies van die Bybelse verbod wissel. Een algemene opvatting is dat Jode verbied is om rente te hef op lenings wat aan ander Jode gemaak is, maar dat hulle verplig is om rente te hef op transaksies met nie-Jode. Die Hebreeuse Bybel self gee egter talle voorbeelde waar hierdie bepaling ontduik is.

Deuteronomium 23:19 Jy mag nie rente aan jou broer leen nie: rente van geld, rente van eetgoed, rente van enigiets wat op rente geleen word. Deuteronomium 23:20 Aan 'n vreemdeling mag u rente leen, maar aan u broer mag u nie rente leen nie, sodat die HERE u God u kan seën in alles waarvoor u u hand gestrek het, in die land waarheen u gaan om dit in besit te neem. [126]

Oor die algemeen is dit as voordelig beskou om skuld te vermy, om nie aan iemand anders gebonde te wees nie. Skuld moet vermy word en nie gebruik word om verbruik te finansier nie, behalwe as dit nodig is. Wette teen woeker was egter onder baie van die profete wat die mense veroordeel het omdat hulle oortree het. [128]

Dit was die interpretasie dat rente gehef kan word op nie-Israeliete wat in die 14de eeu gebruik sou word vir Jode wat binne die Christelike samelewings in Europa woon om geld uit wins uit te leen. Aangesien hierdie gerieflike kant die reëls teen woeker in Judaïsme en Christendom versterk het, was Christene nie betrokke by die uitleen nie, maar was dit steeds vry om die lenings te neem.

Christendom Redigeer

Oorspronklik is die heffing van rente, bekend as woeker, verbied deur Christelike kerke. Dit het ingesluit die heffing van geld vir die gebruik van geld, soos by 'n bureau de change. Maar met verloop van tyd word die heffing van rente aanvaarbaar weens die veranderende aard van geld, maar die term 'woeker' word gebruik vir rente bo die koers wat deur die wet toegelaat word. [ aanhaling nodig ] Die begrip 'Christelike finansies' verwys na bank- en finansiële aktiwiteite wat 'n paar eeue gelede ontstaan ​​het. Of die aktiwiteite van die Tempeliers (12de eeu), Mounts of Piety (verskyn in 1462) of die Apostoliese Kamer wat direk aan die Vatikaan gekoppel is, 'n aantal bankbedrywighede (geldlening, waarborg, ens.) finansiële aard (uitreiking van sekuriteite, beleggings) bewys word, ondanks die verbod op woeker en die kerk wantroue teen uitruilaktiwiteite (teenoor produksieaktiwiteite). [129]

Die opkoms van die protestantisme in die 16de eeu het die invloed van Rome verswak, en die voorskrifte daarvan teen woeker het op sommige gebiede irrelevant geword. Dit sal die ontwikkeling van die bankwese in Noord -Europa bevry. Aan die einde van die 18de eeu het Protestantse handelsgesinne in toenemende mate begin om in die bankwese in te gaan, veral in handelslande soos die Verenigde Koninkryk (Barings), Duitsland (Schroders, Berenbergs) en Nederland (Hope & amp Co., Gülcher & amp Mulder ) Terselfdertyd het nuwe soorte finansiële aktiwiteite die omvang van die bankwese verbreed, ver buite die oorsprong daarvan. Een denkrigting skryf die Calvinisme toe deur die weg te ruim vir die latere ontwikkeling van kapitalisme in Noord -Europa. [130] In hierdie siening verteenwoordig elemente van Calvinisme 'n opstand teen die middeleeuse veroordeling van woeker en, implisiet, van wins in die algemeen. So 'n verband is gevorder in invloedryke werke deur R. H. Tawney (1880–1962) en deur Max Weber (1864-1920). According to Weber Protestant work ethic was a force behind an unplanned and uncoordinated mass action that influenced the development of capitalism.

Rodney Stark propounds the theory that Christian rationality is the primary driver behind the success of capitalism and the Rise of the West. [131]

Islam Edit

The Quran strictly prohibits lending money on Interest. "O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful" (3:130) "and Allah has permitted trade and has forbidden interest" (2:275).

The Quran states that taking interest and making money through unethical means is not only prohibited for Muslims, but used to be prohibited in earlier communities as well. Two verses (Al Quran – 4:160–161) clearly states that "Because of the wrongdoing of the Jews We forbade them good things which were (before) made lawful unto them, and because of their much hindering from Allah's way, And of their taking usury when they were forbidden it, and of their devouring people's wealth by false pretenses, We have prepared for those of them who disbelieve a painful doom."

Riba is forbidden in Islamic economic jurisprudence (fiqh). Islamic jurists discuss two types of riba: an increase in capital with no services provided, which the Qur'an prohibits, and commodity exchanges in unequal quantities, which the Sunnah prohibits trade in promissory notes (e.g. fiat money and derivatives) is forbidden. [ aanhaling nodig ]

Despite the prohibition of charging interest, during the 20th century a number of developments took place that would lead to an Islamic banking model where no interest is charged but banks would still operate for profit. This would be done through charging for loans in different ways such as through fees and using method of risk sharing and different ownership models such as leasing.

Banking, in the modern sense of the word, is traceable to medieval and early Renaissance Italy, to rich cities in the north such as Florence, Venice, and Genoa.

Emergence of merchant banks Edit

The original banks were "merchant banks" that Italian grain merchants invented in the Middle Ages. As Lombardy merchants and bankers grew in stature based on the strength of the Lombard plains cereal crops, many displaced Jews fleeing Spanish persecution were attracted to the trade. They brought with them ancient practices from the Middle and Far East silk routes. Originally intended to finance long trading journeys, they applied these methods to finance grain production and trading.

Jews could not hold land in Italy, so they entered the great trading piazzas and halls of Lombardy, alongside local traders, and set up their benches to trade in crops. They had one great advantage over the locals: Christians were strictly forbidden the sin of usury, defined as lending at interest (Islam makes similar condemnations of usury). The Jewish newcomers, on the other hand, could lend to farmers against crops in the field, a high-risk loan at what would have been considered usurious rates by the Church but the Jews were not subject to the Church's dictates. [ aanhaling nodig ] In this way they could secure the grain-sale rights against the eventual harvest. They then began to advance payment against the future delivery of grain shipped to distant ports. In both cases they made their profit from the present discount against the future price. This two-handed trade was time-consuming and soon there arose a class of merchants who were trading grain debt instead of grain.

The Jewish trader performed both financing (credit) and underwriting (insurance) functions. Financing took the form of a crop loan at the beginning of the growing season, which allowed a farmer to cultivate (through seeding, growing, weeding, and harvesting) his annual crop. Underwriting in the form of a crop, or commodity, insurance guaranteed the delivery of the crop to its buyer, typically a merchant wholesaler. In addition, traders performed the merchant function by making arrangements to supply the buyer with the crop through alternative sources—grain stores or alternate markets, for instance—in the event of crop failure. He could also keep the farmer (or other commodity producer) in business during a drought or other crop failure, through the issuance of a crop (or commodity) insurance against the hazard of failure of his crop.

Merchant banking progressed from financing trade on one's own behalf to settling trades for others and then to holding deposits for settlement of "billette" or notes written by the people who were still brokering the actual grain. And so the merchant's "benches" (bank is derived from the Italian for bench, banca, as in a counter) in the great grain markets became centres for holding money against a bill (billette, a note, a letter of formal exchange, later a bill of exchange and later still a cheque).

These deposited funds were intended to be held for the settlement of grain trades, but often were used for the bench's own trades in the meantime. The term bankrupt is a corruption of the Italian banca rotta, or broken bench, which is what happened when someone lost his traders' deposits. The expression of "being broke" has a similar etymology.

Crusades Edit

In the 12th century, the need to transfer large sums of money to finance the Crusades stimulated the re-emergence of banking in western Europe. In 1162, Henry II of England levied a tax to support the crusades—the first of a series of taxes levied by Henry over the years with the same objective. The Templars and Hospitallers acted as Henry's bankers in the Holy Land. The Templars' far-flung, large land holdings across Europe also emerged in the 1100–1300 time frame as the beginning of Europe-wide banking, as their practice was to take in local currency, for which a demand note would be given that would be good at any of their castles across Europe, allowing movement of money without the usual risk of robbery while traveling.

Discounting of interest Edit

A sensible manner of discounting interest to the depositors against what could be earned by employing their money in the trade of the bench soon developed in short, selling an "interest" to them in a specific trade, thus overcoming the usury objection. Once again this merely developed what was an ancient method of financing long-distance transport of goods.

Medieval trade fairs, such as the one in Hamburg, contributed to the growth of banking [ wanneer? ] in a curious way: moneychangers issued documents redeemable at other fairs, in exchange for hard currency. These documents could be cashed at another fair in a different country or at a future fair in the same location. If redeemable at a future date, they would often be discounted by an amount comparable to a rate of interest. Eventually, [ wanneer? ] these documents evolved into bills of exchange, which could be redeemed at any office of the issuing banker. These bills made it possible to transfer large sums of money without the complications of hauling large chests of gold and hiring armed guards to protect the gold from thieves.

Foreign exchange contracts Edit

In 1156, in Genoa, occurred the earliest known foreign exchange contract. Two brothers borrowed 115 Genoese pounds and agreed to reimburse the bank's agents in Constantinople the sum of 460 bezants one month after their arrival in that city. [ aanhaling nodig ] In the following century the use of such contracts grew rapidly, particularly since profits from time differences were seen as not infringing canon laws against usury.

Italian bankers Edit

The first bank was established in Venice with guarantee from the State in 1157. [75] [132] [133] According to Macardy this was due to the commercial agency of the Venetians, acting in the interest of the Crusaders of Pope Urban the Second. [134] [135] The reason is given elsewhere as due to costs of the expansion of the empire under Doge Vitale II Michiel, and to relieve the subsequent financial burden on the republic [75] "a forced loan" was made necessary. To this end the Chamber of Loans was created to manage the affairs of the forced loan and loans' repayment at four percent interest. [136] With changes in the enterprises of the Chamber, firstly by commencing the of use of discounting [137] exchanges and later by the receipt of deposits, [138] the functioning of the organisation developed into The Bank of Venice, with an initial capital of 5,000,000 ducats. [139] In any case, banking practice proper began in the mid-parts of the 12th century, [140] and continued until the bank was caused to cease to operate during the French invasion of 1797. The bank was the first national bank to have been established within the boundaries of Europe. [136]

There were banking failures from 1255 to 1262. [141]

In the middle of the 13th century, groups of Italian Christians, particularly the Cahorsins and Lombards, invented legal fictions to get around the ban on Christian usury [142] for example, one method of effecting a loan with interest was to offer money without interest, but also require that the loan be insured against possible loss or injury, and/or delays in repayment (see contractum trinius). [142] The Christians affecting these legal fictions became known as the pope's usurers, and reduced the importance of the Jews to European monarchs. [142] Later in the Middle Ages, a distinction evolved between things that were consumable (such as food and fuel) and those that were not, with usury permitted on loans that involved the latter. [142]

The most powerful banking families came from Florence, including the Acciaiuoli, Mozzi, [143] Bardi and Peruzzi families, which established branches in many other parts of Europe. [1] Probably the most famous Italian bank was the Medici bank, set up by Giovanni di Bicci de' Medici in 1397 [2] and continuing until 1494. [144] (Banca Monte dei Paschi di Siena S.p.A. (BMPS) Italy, is in fact the oldest banking organisation to have surviving banking-operations, or services).

It was the Italian bankers that would take their place and by 1327, Avignon had 43 branches of Italian banking houses. In 1347, Edward III of England defaulted on loans. Later there was the bankruptcy of the Bardi (1343 [143] ) and Peruzzi (1346 [143] ). The accompanying growth of Italian banking in France was the start of the Lombard moneychangers in Europe, who moved from city to city along the busy pilgrim routes important for trade. Key cities in this period were Cahors, the birthplace of Pope John XXII, and Figeac.

By the later Middle Ages, Christian Merchants who lent money with interest were without opposition, and the Jews lost their privileged position as money-lenders [142]

After 1400, political forces did in fact somewhat turn against the methods of the Italian free enterprise bankers, In 1401 King Martin I of Aragon had some of these bankers expelled. In 1403, Henry IV of England prohibited them from taking profits in any way in his kingdom. In 1409, Flanders imprisoned and then expelled Genoese bankers. In 1410, all Italian merchants were expelled from Paris. In 1407, the Bank of Saint George, [145] the first state-bank of deposit, [100] [146] was founded in Genoa and was to dominate business in the Mediterranean. [100]

Italy Edit

Between 1527 and 1572 a number of important banking family groups arose, such as the Grimaldi, Spinola and Pallavicino families, who were especially influential and wealthy, the Doria, although perhaps less influential, and the Pinelli and the Lomellini. [147] [148]

Spain and the Ottoman Empire Edit

In 1401 the magistrates of Barcelona, then the capital of the Principality of Catalonia, established in the city the first replication of the Venetian model of exchange and deposit, Taula de canvi – the Table of Exchange, considered to be the first public bank of Europe. [139] [149] [150]

Halil Inalcik suggests that, in the 16th century, Marrano Jews (Doña Gracia from House of Mendes) fleeing from Iberia introduced the techniques of European capitalism, banking and even the mercantilist concept of state economy to the Ottoman Empire. [151] In the 16th century, the leading financiers in Istanbul were Greeks and Jews. Many of the Jewish financiers were Marranos who had fled from Iberia during the period leading up to the expulsion of Jews from Spain. Some of these families brought great fortunes with them. [152] The most notable of the Jewish banking families in the 16th-century Ottoman Empire was the Marrano banking house of Mendes, which moved to Istanbul in 1552, under the protection of Sultan Suleyman the Magnificent. When Alvaro Mendes arrived in Istanbul in 1588, he is reported to have brought with him 85,000 gold ducats. [153] The Mendès family soon acquired a dominating position in the state finances of the Ottoman Empire and in commerce with Europe. [154]

They thrived in Baghdad during the 18th and 19th centuries under Ottoman rule, performing critical commercial functions such as moneylending and banking. [155] Like the Armenians, the Jews could engage in necessary commercial activities, such as moneylending and banking, that were proscribed for Muslims under Islamic law.

Court Jew Edit

Court Jews were Jewish bankers or businessmen who lent money and handled the finances of some of the Christian European noble houses, primarily in the 17th and 18th centuries. [156] Court Jews were precursors to the modern financier or Secretary of the Treasury. [156] Their jobs included raising revenues by tax farming, negotiating loans, master of the mint, creating new sources for revenue, floating debentures, devising new taxes. and supplying the military. [156] [157] In addition, the Court Jew acted as personal bankers for nobility: he raised money to cover the noble's personal diplomacy and his extravagances. [157]

Court Jews were skilled administrators and businessmen who received privileges in return for their services. They were most commonly found in Germany, Holland, and Austria, but also in Denmark, England, Hungary, Italy, Poland, Lithuania, Portugal, and Spain. [158] [159] According to Dimont, virtually every duchy, principality, and palatinate in the Holy Roman Empire had a Court Jew. [156]

Germany Edit

In the southern German realm, two great banking families emerged in the 15th century, the Fuggers and the Welsers. They came to control much of the European economy and to dominate international high finance in the 16th century. [160] [161] [162] The Fuggers built the first German social housing area for the poor in Augsburg, the Fuggerei. It still exists, but not the original Fugger Bank which lasted from 1486 to 1647.

Dutch bankers played a central role in establishing banking in the Northern German city states. Berenberg Bank is the oldest bank in Germany and the world's second oldest, established in 1590 by Dutch brothers Hans and Paul Berenberg in Hamburg. The bank is still owned by the Berenberg dynasty. [163]

Holland Edit

In the 16th and 17th century, precious metals from the New World, Gold Coast, Japan and other locales were being imported into Europe, with corresponding price increases. Thanks to the free coinage, [ verduideliking nodig ] the Bank of Amsterdam, and the heightened trade and commerce, the Netherlands attracted even more coin and bullion to be deposited in their banks. The concepts of Fractional-reserve banking and payment systems were further developed and spread to England and elsewhere. [164]

England Edit

In the City of London there were no banking houses operating in a manner recognized as so today until the 17th century, [165] [166] although the London Royal Exchange was established in 1565.

By the end of the 16th century and during the 17th, the traditional banking functions of accepting deposits, moneylending, money changing, and transferring funds were combined with the issuance of bank debt that served as a substitute for gold and silver coins.

New banking practices promoted commercial and industrial growth by providing a safe and convenient means of payment and a money supply more responsive to commercial needs, as well as by "discounting" business debt. By the end of the 17th century, banking was also becoming important for the funding requirements of the combative European states. This would lead on to government regulations and the first central banks. The success of the new banking techniques and practices in Amsterdam and London helped spread the concepts and ideas elsewhere in Europe.

Goldsmiths of London Edit

Modern banking practice, including fractional reserve banking and the issue of banknotes, emerged in the 17th century. At the time, wealthy merchants began to store their gold with the goldsmiths of London, who possessed private vaults and charged a fee for their service. In exchange for each deposit of precious metal, the goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee these receipts could not be assigned, only the original depositor could collect the stored goods.

Gradually the goldsmiths began to lend the money out on behalf of the depositor, which led to the development of modern banking practices promissory notes (which evolved into banknotes) were issued for money deposited as a loan to the goldsmith. [167]

These practices created a new kind of "money" that was actually debt, that is, goldsmiths' debt rather than silver or gold coin, a commodity that had been regulated and controlled by the monarchy. This development required the acceptance in trade of the goldsmiths' promissory notes, payable on demand. Acceptance in turn required a general belief that coin would be available and a fractional reserve normally served this purpose. Acceptance also required that the holders of debt be able to legally enforce an unconditional right to payment it required that the notes (as well as drafts) be negotiable instruments. The concept of negotiability had emerged in fits and starts in European money markets, but it was well developed by the 17th century. Nevertheless, an act of Parliament was required in the early 18th century (1704) to overrule court decisions holding that the goldsmiths' notes, despite the "customs of merchants", were not negotiable. [168]

The modern bank Edit

In 1695, the Bank of England became one of the first banks to issue banknotes, the first being the short-lived banknotes issued by Stockholms Banco in 1661. [169] [170] Initially, these were hand-written and issued on deposit or as a loan, and promised to pay the bearer the value of the note on demand in specie. By 1745, standardized printed notes ranging from £20 to £1,000 were being issued. Fully printed notes that didn't require the name of the payee and the cashier's signature first appeared in 1855. [171]

In the 18th century, services offered by banks increased. Clearing facilities, security investments, cheques and overdraft protections were introduced. Cheques had been used since the 1600s in England and banks settled payments by direct courier to the issuing bank. Around 1770, they began meeting in a central location, and by the 1800s a dedicated space was established, known as a bankers' clearing house. The method used by the London clearing house involved each bank paying cash to an inspector and then being paid cash by the inspector at the end of each day. The first overdraft facility was set up in 1728 by the Royal Bank of Scotland. [172]

The number of banks increased during the Industrial Revolution and the growing international trade, especially in London. At the same time, new types of financial activities broadened the scope of banking. The merchant-banking families dealt in everything from underwriting bonds to originating foreign loans. These new "merchant banks" facilitated trade growth, profiting from England's emerging dominance in seaborne shipping. Two immigrant families, Rothschild and Baring, established merchant banking firms in London in the late 18th century and came to dominate world banking in the next century.

A great impetus to country banking came in 1797 when, with England threatened by war, the Bank of England suspended cash payments. A handful of Frenchmen landed in Pembrokeshire, causing a panic. Shortly after this incident, Parliament authorised the Bank of England and country bankers to issue notes of low denomination.

Chinese banking Edit

During the Qing dynasty, the private nationwide financial system in China was first developed by the Shanxi merchants, with the creation of so-called "draft banks". The first draft bank Rishengchang was created around 1823 in Pingyao. Some large draft banks had branches in Russia, Mongolia and Japan to facilitate international trade. Throughout the 19th century, the central Shanxi region became the de facto financial centre of Qing China.

With the fall of the Qing dynasty, the financial centers gradually shifted to Shanghai, with western-style modern banks flourishing. Today, the financial centres in China today are Hong Kong, Beijing, Shanghai and Shenzhen.

Japanese banking Edit

In 1868, the Meiji government attempted to formulate a functioning banking system, which continued until some time during 1881. They emulated French models. The Imperial mint began using imported machines from Britain in the early years of the Meiji period. [173] [174]

Masayoshi Matsukata was a formative figure of a later banking initiative. [173]

Development of central banking Edit

The Bank of Amsterdam became a model for the functioning of a bank in the capacity of monetary exchange and started the development of central banks. [175] An early central bank was the Sveriges Riksbank, established in 1668, although this was short-lived. [176]

In England in the 1690s, public funds were in short supply and were needed to finance the ongoing conflict with France. The credit of William III's government was so low in London that it was impossible for it to borrow the £1,200,000 (at 8 per cent) that the government wanted. In order to induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor and Company of the Bank of England. The bank was given exclusive possession of the government's balances, and was the only limited-liability corporation allowed to issue banknotes. [177] The lenders would give the government cash (bullion) and also issue notes against the government bonds, which can be lent again. The £1.2M was raised in 12 days half of this was used to rebuild the Navy. The establishment of the Bank of England, the model on which most modern central banks have been based on, was devised by Charles Montagu, 1st Earl of Halifax, in 1694, to the plan which had been proposed by William Paterson three years before, but had not been acted upon. [178] He proposed a loan of £1.2M to the government in return the subscribers would be incorporated as The Governor and Company of the Bank of England with long-term banking privileges including the issue of notes. The Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694. [179]

Although the Bank was originally a private institution, by the end of the 18th century it was increasingly being regarded as a public authority with civic responsibility toward the upkeep of a healthy financial system. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was soon accused by the bullionists of causing the exchange rate to fall from over issuing banknotes, a charge which the Bank denied. Nevertheless, it was clear that the Bank was being treated as an organ of the state.

Henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position and a significant figure in monetary theory, his process of monetary expansion anticipating the theories of Knut Wicksell regarding the "cumulative process which restates the Quantity Theory in a theoretically coherent form". As a response 1797 currency crisis, Thornton wrote in 1802 An Enquiry into the Nature and Effects of the Paper Credit of Great Britain, in which he argued that the increase in paper credit did not cause the crisis. The book also gives a detailed account of the British monetary system as well as a detailed examination of the ways in which the Bank of England should act to counteract fluctuations in the value of the pound. [180]

Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation. [181] Many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. [182] Under the 1844 Act, bullionism was institutionalized in Britain, [183] creating a ratio between the gold reserves held by the Bank of England and the notes that the Bank could issue. [184] The Act also placed strict curbs on the issuance of notes by the country banks. [184]

The Bank accepted the role of 'lender of last resort' in the 1870s after criticism of its lacklustre response to the Overend-Gurney crisis. The journalist Walter Bagehot wrote an influential work on the subject Lombard Street: A Description of the Money Market, in which he advocated for the Bank to officially become a lender of last resort during a credit crunch (sometimes referred to as "Bagehot's dictum").

Central banks were established in many European countries during the 19th century. The War of the Second Coalition led to the creation of the Banque de France in 1800, in an effort to improve the public financing of the war. The US Federal Reserve was created by the U.S. Congress through the passing of The Federal Reserve Act in 1913. Australia established its first central bank in 1920, Colombia in 1923, Mexico and Chile in 1925 and Canada and New Zealand in the aftermath of the Great Depression in 1934. By 1935, the only significant independent nation that did not possess a central bank was Brazil, which subsequently developed a precursor thereto in 1945 and the present central bank twenty years later. Having gained independence, African and Asian countries also established central banks or monetary union.

Rothschilds Edit

The Rothschild family pioneered international finance in the early 19th century. The family provided loans to the Bank of England and purchased government bonds in the stock markets. [185] Their wealth has been estimated to possibly be the most in modern history. [186] In 1804, Nathan Mayer Rothschild began to deal on the London stock exchange in financial instruments such as foreign bills and government securities. From 1809 Rothschild began to deal in gold bullion, and developed this as a cornerstone of his business. From 1811 on, in negotiation with Commissary-General John Charles Herries, he undertook to transfer money to pay Wellington's troops, on campaign in Portugal and Spain against Napoleon, and later to make subsidy payments to British allies when these organized new troops after Napoleon's disastrous Russian campaign. His four brothers helped co-ordinate activities across the continent, and the family developed a network of agents, shippers and couriers to transport gold—and information—across Europe. This private intelligence service enabled Nathan to receive in London the news of Wellington's victory at the Battle of Waterloo a full day ahead of the government's official messengers. [187]

The Rothschild family were instrumental in supporting railway systems across the world and in complex government financing for projects such as the Suez Canal. The family bought up a large proportion of the property in Mayfair, London. Major businesses directly founded by Rothschild family capital include Alliance Assurance (1824) (now Royal & SunAlliance) Chemin de Fer du Nord (1845) Rio Tinto Group (1873) Société Le Nickel (1880) (now Eramet) and Imétal (1962) (now Imerys). The Rothschilds financed the founding of De Beers, as well as Cecil Rhodes on his expeditions in Africa and the creation of the colony of Rhodesia. [188]

The Japanese government approached the London and Paris families for funding during the Russo-Japanese War. The London consortium's issue of Japanese war bonds would total £11.5 million (at 1907 currency rates). [189]

From 1919 to 2004 the Rothschilds' Bank in London played a role as place of the gold fixing.

Napoleonic wars and Paris Edit

Napoleon III had the goal of overtaking London to make Paris the premier financial center of the world, but the war in 1870 reduced the range of Parisian financial influence. [190] Paris had emerged as an international center of finance in the mid-19th century second only to London. [191] It had a strong national bank and numerous aggressive private banks that financed projects all across Europe and the expanding French Empire.

One key development was setting up one of the main branches of the Rothschild family. In 1812, James Mayer Rothschild arrived in Paris from Frankfurt, and set up the bank "De Rothschild Frères". [192] This bank funded Napoleon's return from Elba and became one of the leading banks in European finance. The Rothschild banking family of France funded France's major wars and colonial expansion. [193] The Banque de France, founded in 1796 helped resolve the financial crisis of 1848 and emerged as a powerful central bank. The Comptoir National d'Escompte de Paris (CNEP) was established during the financial crisis and the republican revolution of 1848. Its innovations included both private and public sources in funding large projects, and the creation of a network of local offices to reach a much larger pool of depositors.

Building societies Edit

Building societies were established as financial institutions owned by its members as a mutual organization. The origins of the building society as an institution lie in late-18th century Birmingham – a town which was undergoing rapid economic and physical expansion driven by a multiplicity of small metalworking firms, whose many highly skilled and prosperous owners readily invested in property. [194]

Many of the early building societies were based in taverns or coffeehouses, which had become the focus for a network of clubs and societies for co-operation and the exchange of ideas among Birmingham's highly active citizenry as part of the movement known as the Midlands Enlightenment. [195] The first building society to be established was Ketley's Building Society, founded by Richard Ketley, the landlord of the Golden Cross inn, in 1775. [196]

Members of Ketley's society paid a monthly subscription to a central pool of funds which was used to finance the building of houses for members, which in turn acted as collateral to attract further funding to the society, enabling further construction. [197] [198] The first outside the English Midlands was established in Leeds in 1785. [199]

Mutual savings bank Edit

Mutual savings banks also emerged at that time, as financial institutions chartered by government, without capital stock, and owned by its members who subscribe to a common fund. The institution most frequently identified as the first modern savings bank was the "Savings and Friendly Society" organized by the Reverend Henry Duncan in 1810, in Ruthwell, Scotland. Rev. Duncan established the small bank in order to encourage his working class congregation to develop thrift.

Another precursor to the modern savings bank originated in Germany, with Franz Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen who developed cooperative banking models that led on to the credit union movement. The traditional banks had viewed poor and rural communities as unbankable because of very small, seasonal flows of cash and very limited human resources. In the history of credit unions the concepts of cooperative banking spread through northern Europe and onto the US at the turn of the 20th century under a wide range of different names.

Postal savings system Edit

To provide depositors who did not have access to banks a safe, convenient method to save money and to promote saving among the poor, the postal savings system was introduced in Great Britain in 1861. It was vigorously supported by William Ewart Gladstone, then Chancellor of the Exchequer, who saw it as a cheap way to finance the public debt. At the time, banks were mainly in the cities and largely catered to wealthy customers. Rural citizens and the poor had no choice but to keep their funds at home or on their persons. The original Post Office Savings Bank was limited to deposits of £30 a year with a maximum balance of £150. Interest was paid at the rate of two and one-half percent per year on whole pounds in the account.

Similar institutions were created in a number of different countries in Europe and North America. One example was in 1881 the Dutch government created the Rijkspostspaarbank (State post savings bank), a postal savings system to encourage workers to start saving. Four decades later they added the Postcheque and Girodienst services allowing working families to make payments via post offices in the Netherlands.

The first decade of the 20th century saw the Panic of 1907 in the US, which led to numerous runs on banks and became known as the bankers panic.

Great Depression Edit

During the Crash of 1929 preceding the Great Depression, margin requirements were only 10%. [200] Brokerage firms, in other words, would lend $9 for every $1 an investor had deposited. When the market fell, brokers called in these loans, which could not be paid back. Banks began to fail as debtors defaulted on debt and depositors attempted to withdraw their deposits en masse, triggering multiple bank runs. Government guarantees and Federal Reserve banking regulations to prevent such panics were ineffective or not used. Bank failures led to the loss of billions of dollars in assets. [201] Outstanding debts became heavier, because prices and incomes fell by 20–50% but the debts remained at the same dollar amount. After the panic of 1929, and during the first 10 months of 1930, 744 US banks failed. By April 1933, around $7 billion in deposits had been frozen in failed banks or those left unlicensed after the March Bank Holiday. [202]

Bank failures snowballed as desperate bankers called in loans that borrowers did not have time or money to repay. With future profits looking poor, capital investment and construction slowed or completely ceased. In the face of bad loans and worsening future prospects, the surviving banks became even more conservative in their lending. [201] Banks built up their capital reserves and made fewer loans, which intensified deflationary pressures. A vicious cycle developed and the downward spiral accelerated. In all, over 9,000 banks failed during the 1930s.

In response, many countries significantly increased financial regulation. The U.S. established the Securities and Exchange Commission in 1933, and passed the Glass–Steagall Act, which separated investment banking and commercial banking. This was to avoid more risky investment banking activities from ever again causing commercial bank failures.

World Bank and the development of payment technology Edit

During the post second world war period and with the introduction of the Bretton Woods system in 1944, two organizations were created: the International Monetary Fund (IMF) and the World Bank. [203] Encouraged by these institutions, commercial banks started to lend to sovereign states in the third world. This was at the same time as inflation started to rise in the west. The Gold standard was eventually abandoned in 1971 and a number of the banks were caught out and became bankrupt due to third world country debt defaults.

This was also a time of increasing use of technology in retail banking. In 1959, banks agreed on a standard for machine readable characters (MICR) that was patented in the United States for use with cheques, which led to the first automated reader-sorter machines. In the 1960s, the first Automated Teller Machines (ATM) or Cash machines were developed and first machines started to appear by the end of the decade. [204] Banks started to become heavy investors in computer technology to automate much of the manual processing, which began a shift by banks from large clerical staffs to new automated systems. By the 1970s the first payment systems started to develop that would lead to electronic payment systems for both international and domestic payments. The international SWIFT payment network was established in 1973 and domestic payment systems were developed around the world by banks working together with governments. [205]

Deregulation and globalization Edit

Global banking and capital market services proliferated during the 1980s after deregulation of financial markets in a number of countries. The 1986 'Big Bang' in London allowing banks to access capital markets in new ways, which led to significant changes to the way banks operated and accessed capital. It also started a trend where retail banks started to acquire investment banks and stock brokers creating universal banks that offered a wide range of banking services. [206] The trend also spread to the US after much of the Glass–Steagall Act was repealed in 1999 (during the Clinton Administration), this saw US retail banks embark on big rounds of mergers and acquisitions and also engage in investment banking activities. [207]

Financial services continued to grow through the 1980s and 1990s as a result of a great increase in demand from companies, governments, and financial institutions, but also because financial market conditions were buoyant and, on the whole, bullish. Interest rates in the United States declined from about 15% for two-year U.S. Treasury notes to about 5% during the 20-year period, and financial assets grew then at a rate approximately twice the rate of the world economy.

This period saw a significant internationalization of financial markets. The increase of U.S. Foreign investments from Japan not only provided the funds to corporations in the U.S., but also helped finance the federal government.

The dominance of U.S. financial markets was disappearing and there was an increasing interest in foreign stocks. The extraordinary growth of foreign financial markets results from both large increases in the pool of savings in foreign countries, such as Japan, and, especially, the deregulation of foreign financial markets, which enabled them to expand their activities. Thus, American corporations and banks started seeking investment opportunities abroad, prompting the development in the U.S. of mutual funds specializing in trading in foreign stock markets. [ aanhaling nodig ]

Such growing internationalization and opportunity in financial services changed the competitive landscape, as now many banks would demonstrate a preference for the "universal banking" model prevalent in Europe. Universal banks are free to engage in all forms of financial services, make investments in client companies, and function as much as possible as a "one-stop" supplier of both retail and wholesale financial services. [208]

The early 2000s were marked by consolidation of existing banks and entrance into the market of other financial intermediaries: non-bank financial institution. Large corporate players were beginning to find their way into the financial service community, offering competition to established banks. The main services offered included insurance, pension, mutual, money market and hedge funds, loans and credits and securities. Indeed, by the end of 2001 the market capitalisation of the world's 15 largest financial services providers included four non-banks. [ aanhaling nodig ]

The first decade of the 21st century saw the culmination of the technical innovation in banking over the previous 30 years and saw a major shift away from traditional banking to internet banking. Starting in 2015 developments such as open banking made it easier for third parties to access bank transaction data and introduced standard API and security models.

The process of financial innovation also advanced enormously in the first few decades of the 21st century, increasing the importance and profitability of nonbank finance. Such profitability priorly restricted to the non-banking industry, has prompted the Office of the Comptroller of the Currency (OCC) to encourage banks to explore other financial instruments, diversifying banks' business as well as improving banking economic health. Hence, as the distinct financial instruments are being explored and adopted by both the banking and non-banking industries, the distinction between different financial institutions is gradually vanishing. For example, in 2020, the OCC muddled the distinction between traditional banking and the cryptocurrency ecosystem when it published a number of interpretive letters clarifying national banks' ability to custody cryptocurrency and provide banking services to cryptocurrency companies, [209] as well as use blockchain innovations like stablecoins as settlement infrastructure. [210] In addition, in 2021, the OCC granted its first federal banking charter to a cryptocurrency firm, [211] further blurring the lines between traditional banks and different types of financial institutions.

2007–2008 financial crisis Edit

The financial crisis of 2007–2008 caused significant stress on banks around the world. The failure of a large number of major banks resulted in government bail-outs. The collapse and fire sale of Bear Stearns to JPMorgan Chase in March 2008 and the collapse of Lehman Brothers in September that same year led to a credit crunch and global banking crises. In response governments around the world bailed-out, nationalised or arranged fire sales for a large number of major banks. Starting with the Irish government on 29 September 2008, [212] governments around the world provided wholesale guarantees to underwriting banks to avoid panic of systemic failure to the whole banking system. These events spawned the term 'too big to fail' and resulted in a lot of discussion about the moral hazard of these actions.


The Samoa earthquake and tsunami took place in the Southern Pacific Ocean adjacent to the Kermadec-Tonga subduction zone. Several houses and roads were damaged during the incidents costing over $200 million in damages. Here is one of the more shocking 2009 facts about this earthquake. Almost 200 people were killed and around 150 injured, making this the highest number of casualties in the U.S. during the 21st century.

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The City of L.A declared this after Lee was given the National Medal of Arts award. Additionally, the City of Long Beach also declared this same day in honor of the Comic Book Artist.


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