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The Coin and the Promise (Part 4):

The Unseen Hand (Or: How the Greeks Invented the Future)

Credit

The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.

Interest

The charge for the privilege of borrowing money, typically expressed as an annual percentage rate. The concept originated in ancient Mesopotamia with agricultural loans.

Mesopotamia

A historical region of Western Asia situated within the Tigris–Euphrates river system. It is where the earliest forms of writing, agriculture, and lending are believed to have originated.

Debt

An amount of money borrowed by one party from another.

Bottomry Bond

An early form of insurance/loan contract in which a lender would finance a merchant's sea voyage. The ship was the collateral, and the debt was canceled if the ship was lost.

Finance

The management of large amounts of money, especially by governments or large companies. At its core, it is the process of moving value through time.

Sources used for this issue


  • Davies, Glyn. A History of Money: From Ancient Times to the Present Day.
  • Weatherford, Jack. The History of Money.
  • Cohen, Edward E. Athenian Economy and Society: A Banking Perspective.
  • Graeber, David. Debt: The First 5,000 Years. (For Mesopotamian interest).
  • World History Encyclopedia. "Trade in Ancient Greece."

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