Like credit, bonds began in northern Italy, where they were first used by governments to fund wars. Ferguson ends the chapter with the evolution of banking in the UK and the US during the 19th and early 20th centuries.Ĭhapter 2 gives an overview of the rise and development of bonds Chapter 3 does the same for stocks. Important innovations to the banking system made in northern Europe (the Netherlands, Sweden, and England) are discussed next. He then turns to the rise of credit in the 13th century and of banking in the following century, both in the city-states of northern Italy. Ferguson relates the history of the Spanish conquistadors and their defeat of the Incan Empire in the 16th century, resulting in Spain’s access to vast quantities of gold and silver for use as money. Chapter 1 discusses the nature of money and the rise of banking and credit.
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