Day 346 of 365
December 12
E
Economics The History of Banking
Banking evolved from ancient money-changing and lending. Italian bankers invented double-entry bookkeeping. Central banks emerged to stabilize currencies. Modern banking involves fractional reserve lending, where banks create money by lending more than they hold.
Did you know?
The word 'bank' comes from the Italian 'banca,' meaning bench - where medieval bankers did business!
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