History 1807 Lecture Notes - Lecture 10: Bank Of France, Gambling
3 Feb 2016
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Document Summary
Double entry bookkeeping is a tool of legitimacy in the eyes of many: state being one, tool for profit money) The main barrier to success is that they have too much coin (coin is: coin are heavy, burden on business, merchants became dependent on these coins. Every bank and city makes their own coins and has their own exchange rates, very difficult to keep track: banks provide a service as a currency exchanger. Medieval and modern period banks become crucial for the success/growth of business activity: banks at this time are starting to pop up. General as a means of efficiency machines. Banks start to become places where business deposits the large amounts of coins that they have, and banks serve as credit holders for the businesses. We start to see a virtual movement in money. Banks make money through the currency exchange and the fees charged to the business for holding their money.
