A Christian Merchant Banking Model
In the eleventh century AD, merchant banking emerged out of the need to finance the delivery of goods over long distances. These distances took weeks or months to traverse. The associated risks were a great burden for producers. Furthermore, currency was coinage, which was heavy. To manage these problems, transportation companies emerged to manage shipping and finance companies emerged to manage payments.
The finance companies issued lightweight paper notes that were easily transported and could be exchanged for coinage or precious metals by any local participant in the financial network. This was the genesis of merchant banking.
In the latter part of the nineteenth century into the early twentieth century, wealthy . . .
http://www.icontact-archive.co....m/archive?c=138422&a
