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o is selling me goods, takes my warehouse receipt and thinks of it as her own, or his own, that is when those receipts begin circulating as money. Marco Polo found money printed on mulberry bark in China in the 13th century. In the west, London goldsmiths gave receipts for gold deposited with them, and t
uld give their meat today, but receive payment a little bit in the future in order to facilitate the trades that made that society better off Well Adam Smith, again in the Wealth of Nations, suggested the next state in the development of money when he said. and I quote. "Every prudent man in every period
o is selling me goods, takes my warehouse receipt and thinks of it as her own, or his own, that is when those receipts begin circulating as money. Marco Polo found money printed on mulberry bark in China in the 13th century. In the west, London goldsmiths gave receipts for gold deposited with them, and t
uld give their meat today, but receive payment a little bit in the future in order to facilitate the trades that made that society better off Well Adam Smith, again in the Wealth of Nations, suggested the next state in the development of money when he said. and I quote. "Every prudent man in every period
of silk and tobacco and gold, or from shared religious passions. These sorts of networks, sometimes as thin as the trail of a single adventurer like Marco Polo, carried promises of prosperity (and intimations of violence) as they spread. Baron Antoin-Henry Jomini, Napoleon’s inspired tactical accomplice, was
d. And the sum of all these interacting pieces made sustained economic growth into a reality for the first time in history. Ina “commercial society,” Adam Smith explained in The Wealth of Nations, “Every man lives by exchanging, or becomes in some measure a merchant.” Smith didn’t mean everyone was really a m
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