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How Venice's lost war gave birth to the bond market
Original: Venice’s failed war against Constantinople led to the first bond market
Medieval Venice, defeated in its war against Constantinople, needed to pay off war debts and forced its wealthy citizens to lend the state money in exchange for interest payments. Historians trace the first government bonds to this forced borrowing in the 12th century. Commenters find it striking that one of the world's foundational financial instruments emerged from military failure rather than commercial innovation.
Why now: The surprising origin story of the bond market is newly popular in online discussion
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- Venice’s failed war against Constantinople led to the first bond market · RickJWagner · 164
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