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Venice's failed war against Constantinople gave rise to the first bond market
Original: Venice’s failed war against Constantinople led to the first bond market Article URL: https:// bigthink.com/books/a-fabul
A Big Think piece recounts how medieval Venice, after a disastrous war against Constantinople, forced its wealthy citizens to lend money to the state — creating compulsory loans that evolved into the world's first government bond market. The story highlights how a military and financial crisis gave birth to modern public debt and interest-bearing government securities.
Why now: Historical accounts of the origins of modern finance tend to circulate widely among readers interested in economics and history.
Evidence
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