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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Hmm. So to clarify, there *were* innovations in finance. E.g., the first permanent joint-stock company wasn't until 1609 (Dutch East India Co.) So “Financial markets” per se weren't invented around then but the stock market as we know it today basically was.
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I think “the thing that went unprecedentedly well” is a big, complex thing that includes innovation in many areas, finance being one of them, but only one. (And I think it started well before 1700, but took a while to show up in the output metrics.)
End of conversation
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It might have been improved use and combination of features to increase the efficiency of financial markets though? Sometimes original inventions don’t matter as much as the later improvements that male it cross some threshold of effectiveness.
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