Financial innovations spurred economic growth from "summary" of A Business History of India by Tirthankar Roy
Financial innovations have played a significant role in driving economic growth throughout history. These innovations have not only revolutionized the way businesses operate but have also provided individuals with opportunities to invest and grow their wealth. Early examples of financial innovations can be seen in the form of bills of exchange, which facilitated trade by allowing merchants to conduct business across long distances without the need for physical currency. As trade continued to expand and evolve, so did the need for more sophisticated financial instruments. The introduction of joint-stock companies in the seventeenth century allowed investors to spread their risks and invest in a wide range of ventures. This not only provided a boost to the economy but...
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