“This article will describe how the New York markets fostered the growth of great enterprises-first the railroads and then the supporting cast of gigantic industrials by breaking the investment into tiny bitsshares that sanctioned the infusion of massive amounts of domestic and European capital. Security came from the liquidity provided, thus overcoming the hold-up effect present in smaller, family-controlled corporations or partnerships.”
“So in the 18th century, England became home to all kind of bets. In 1771, speculation broke out on the true sex of a French soldier and diplomat, the Chevalier d’Eon. Rumors that he was a woman had been circulating since late 1770. Since the Chevalier refused to be examined, two lawsuits were brought by brokers, to determine whether a friend’s testimony constituted a proof. Courts dismissed the brokers’ claims.”
“This paper examines brokerage regulations in Central and Western Europe from approximately 1250 to 1700. Based on a sample of 70 cities with more than 1609 sets of regulations, we find that brokerage was a multi-functional institution, which served matchmaking, quality certification, and tax collection functions, mainly in product wholesale markets but also in finance and real estate markets.”
“On March 2 1408, eight men gathered in the great hall of the Casa di San Giorgio, a trading house on what was then the main street in Genoa, a few metres from where the waters of the Ligurian Sea lap the Italian shore. They were merchants, rich and powerful representatives of the city’s most influential families, and they were meeting to discuss a matter of the utmost gravity. The once-glorious republic of Genoa had fallen on hard times. After years of war with Venice and a crushing defeat at the battle of Chioggia in 1381, the state was effectively bankrupt. The task was to rescue it.”
