Yhn CultureBooks first seen 16 h ago, last 11 min ago, peak #3
How a Failed War Gave Venice the First Bond Market
Original: Venice’s failed war against Constantinople led to the first bond market
In the 12th century, Venice waged a disastrous campaign against the Byzantine Empire in Constantinople. To finance the war, the Republic forced its wealthiest citizens to lend it money, and when the campaign collapsed, the debt could not be repaid. The unpaid loans were converted into a perpetual interest-bearing debt, creating what historians regard as the world's first government bond market and a foundation of modern public finance.
Why now: Readers are drawn to the surprising historical link between a medieval military defeat and the origins of modern financial markets.
VeniceConstantinopleByzantine Empire
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Evidence
- Venice’s failed war against Constantinople led to the first bond market · RickJWagner · 124
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