Starting to read about the history of finance, and one thing is clear: virtually every feature of finance is very old and every possible phenomenon appeared almost instantly as soon as the context for it existed
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Like, as soon as there was a stock market, there were options, futures, and short-selling. In the 1600s. And there was every kind of bad behavior you can think of: spreading false rumors to manipulate prices, giving stock to government officials to curry favor, etc.
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And no sooner do suspect behaviors appear than people start trying to ban them. As early as the late 1300s, there are laws passed against circulation of false rumors (re government bonds), and what would today be called insider trading.
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Not to mention moral condemnation of basically every type of financial activity, and the general suspicion of trading as a form of gambling, and the stock market as a casino. All of that is as old as finance itself.
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I am currently reading *A History of the Global Stock Market* by B. Mark Smith, but also a lot of these themes were in *Money Changes Everything* by
@WGoetzmann, which I wrote up here:https://rootsofprogress.org/the-time-machine …7 proslijeđenih tweetova 82 korisnika označavaju da im se sviđaPrikaži ovu nit -
Goetzmann's book goes back even further than Smith's, to ancient Mesopotamia. I mean, finance is older than *writing*—in fact, our system of writing originated in financial records!
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Ancient Sumer had a notion of compound interest, probably derived from the exponential growth of a herd of cattle (!)
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And the notion of equity shares goes back to ancient Rome (although these were not private corporations, they were sort of extensions of the government that would, e.g., have the right to collect taxes in a region)
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So, yeah. In finance there is nothing new under the sun.
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Oh and how could I forget: money and trade themselves seem to go back to prehistoric hunter-gatherer tribes @NickSzabo4 https://nakamotoinstitute.org/shelling-out/
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