3 ms·
I knew it was relatively new, but still impressive to see how new. My understanding was, even being on precious metals, most trading happened on the goods, not
by taeric 3y ago
I knew it was relatively new, but still impressive to see how new.
My understanding was, even being on precious metals, most trading happened on the goods, not the metals. Mostly for predictable reasons on the supply chain not being nearly as efficient at moving goods away from producers. That not accurate?
- pjc50 3y ago> most trading happened on the goods, not the metals I'm not sure what this means? There were definitely goods-goods exchanges on infrequent or first-contact routes, such as the early settlers of the Americas, but Rome had a fairly sophisticated set of concepts such as trade credit and instalments, and Europe recreated this in the Renaissance. Banco MPS dates from 1472, remember. So while you'd generally see "on the nail" money-goods exchanges, the set of individuals doing trading would be small and known to each other, making credit available. Code of Hammurabi, 4000 years old, makes some stipulations for how trade credit and agents should work, see rule 100 and onwards https://avalon.law.yale.edu/ancient/hamframe.asp https://avalon.law.yale.edu/ancient/hamframe.asp
- taeric 3y agoI meant exchanging large amounts of goods for large amounts of coins. Such that even if you had metal coins, you were still more likely to do some trades on a barter in a way that feels like credit. "I'll deliver the X, and you'll load up the Y" kind of things. That completely off base?