The birth of the modern banking system from "summary" of The Baroque Cycle by Neal Stephenson
The birth of the modern banking system came about in a gradual and complex manner, one that involved a series of innovations, crises, and reforms. It was not the result of a single event or individual, but rather a culmination of various factors that shaped the way we think about money and finance today. One of the key developments in the evolution of banking was the establishment of institutions that could securely hold people's money and provide them with a means of conducting transactions. This gave rise to the concept of deposit banking, where individuals could store their wealth in a safe place and access it when needed. Another important aspect of the modern banking system was the creation of a system of credit. This allowed people to borrow money for various purposes, such as starting a ...
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