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How Venice's Failed War on Constantinople Created the Bond Market
Original: Venice’s failed war against Constantinople led to the first bond market
A new look at financial history argues that Venice's disastrous war against Constantinople forced the city-state to invent the first bond market. Unable to repay wealthy citizens it had compelled to fund the campaign, Venice converted forced loans into tradable securities with interest, creating an early form of government debt. The story is drawing attention as a reminder that modern public debt markets originated from military defeat rather than careful financial planning.
Why now: The counterintuitive link between a medieval military failure and the origins of modern finance makes it a compelling piece of history.
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- Venice’s failed war against Constantinople led to the first bond market · RickJWagner · 166
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