How Europeans Rediscovered Banking
European banking institutions essentially disappeared after the fall of the Roman Empire, but were rebuilt during the Middle Ages by groups including the Knights Templar, Jewish merchant bankers, and Italian banking families. Early attempts at establishing banking institutions were hampered by the Catholic Church’s strict ban on usury, but this stance softened over time in part in response to the Republic of Venice’s development of an early government bond--the Prestiti. Over time, Europeans came to reject strict bans on usury and instead embraced the time value of money, which set the world on a course toward modern capitalism and more democratic institutions. This video traces that evolution.
CHAPTERS:
0:00 Rome as “the world’s first empire organized around money”
0:55 The state of affairs in 11th Century Europe / The Medieval view of usury
2:14 The First Crusade against the Seljuk Turks
2:49 The Knights Templar
5:49 Jewish merchant bankers
6:15 Italian bankers
8:10 The Republic of Venice’s development of the Prestiti--an early government bond
10:01 Views on the Prestiti from Catholic thinkers of the Scholastic School
11:46 Conclusions
15:14 Next episode: The rise of colonialism
15:32 Credits
16:08 Previous Episode - Why the Chinese Developed Paper Money First: • Why the Chinese Developed Paper Money First
CREDITS (Go to 15:32 for details):
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License: https://filmmusic.io/standard-license
[31] Teller of the Tales by Kevin MacLeod
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