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History of banking
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The history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BCE in Assyria, India and Sumeria. Later, in ancient Greece and during the Roman Empire, lenders based in temples gave loans, while accepting deposits and performing the change of money. Archaeology from this period in ancient China and India also shows evidence of money lending.
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Religious restrictions on interest
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Most early religious systems in the ancient Near East, and the secular codes arising from them, did not forbid usury. These societies regarded inanimate matter as alive, like plants, animals and people, and capable of reproducing itself. Hence if you lent 'food money', or monetary tokens of any kind, it was legitimate to charge interest. Food money in the shape of olives, dates, seeds or animals was lent out as early as c. 5000 BCE, if not earlier. Among the Mesopotamians, Hittites, Phoenicians and Egyptians, interest was legal and often fixed by the state.
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Frank Bacon
199... sub scribers POSTS About 🤬
it's great to see you sharing your knowledge about the history of banking with the world. Your post is informative and helps us understand the origins of modern banking. Keep up the good work and continue to share your insights and expertise with others. Your dedication to your field is inspiring, and I hope to see more of your contributions in the future. Best wishes!
Thank you!
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