How Goldsmiths Invented Banking: The Hidden History of Money.

Описание: #moneycreation #GoldsmithsToBanks #EvolutionOfMoney #FractionalReserveBanking #HistoryOfBanking #HowBanksWork #moneycreation #financialrevolution #ModernBanking #economicgrowth #papermoney #bankingsystem #TradeAndFinance #WealthAndMoney #goldstandard #finance

References:
-1) Rothbard, M. N. (2002). A History of Money and Banking in the United States: The Colonial Era to World War II. Ludwig von Mises Institute.
Explains the origins of banking, including the role of goldsmiths in early
banking practices.

2) Ferguson, N. (2008). The Ascent of Money: A Financial History of the World. Penguin Books.
Covers the evolution of money and banking, including how early financial institutions developed from goldsmithing.

3) Kindleberger, C. P. (1993). A Financial History of Western Europe. Oxford University Press.
Provides historical insights into the development of banking and credit systems.

4) Davies, G. (2016). A History of Money: From Ancient Times to the Present Day. University of Wales Press.
Discusses the transition from barter to banking, including the influence of goldsmiths.

5) Allen, W. R. (2011). The Origins of Fractional Reserve Banking: Goldsmith Banking, 1633–1642.
A scholarly analysis of how goldsmiths contributed to fractional reserve banking.

Description:
"How Goldsmiths Created Modern Banking | The Evolution of Money" 💰🏦

Did you know that modern banking started with goldsmiths? 🤯 In the past, people deposited gold with goldsmiths and received receipts as proof of ownership. But goldsmiths noticed something interesting—people rarely withdrew their gold! This gave them an idea: they could lend out gold and charge interest, creating more receipts than actual gold. This was the birth of fractional reserve banking, a system that still drives the economy today!
Want to know how this changed global finance?