Do you know History of Finance?

Answer 1

Brú Finance's Defi series traces the history of finance from ancient times and discusses the Indian banking sector's Hundi system. The series aims to explain how DeFi works and its potential to revolutionize the financial industry.

In the history of economy and finance, many different types of financial systems exist. From ancient Rome to modern-day America, finance has always been an essential part of society.

In this article, we will look at the different types of financial system and how they have played a role in history, how they have been used to generate wealth and help businesses succeed, and how they have shaped the world.

The history of finance can be traced back to ancient Mesopotamia, where traders and bankers made deals for centuries. In the 6th century BC, the Sumerians developed a system of writing known as cuneiform, which helped them to organize their transactions.

The first banks were founded in Athens in 546 BC. In China, merchants started trading with India in the 1st century BC and began to learn about banking. In India, the first organized banking system was set up by the Buddha in 350 BC. From India, Indian traders started trading with Southeast Asia and the Persian Gulf. In 914 AD, Buddhist monks traveled to Baghdad to establish an Islamic bank.

While we argue that today’s financial system is plagued with inefficiencies, it is much better than the past systems.