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How Venice's Failed War on Constantinople Invented the Bond Market
Original: Venice’s failed war against Constantinople led to the first bond market
A new piece traces the origins of the modern bond market to medieval Venice. After a costly and unsuccessful military campaign against Constantinople, the city-state was left short of funds and forced wealthy citizens to lend it money, paying interest on these forced loans. Over time these obligations became tradeable securities, giving birth to government debt markets and shaping modern public finance.
Why now: Readers are drawn to the surprising historical origin story of a financial institution central to today's economy.
Evidence
- Venice’s failed war against Constantinople led to the first bond market · RickJWagner · 148
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