xssve
Posts: 3589
Joined: 10/10/2009 Status: offline
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Yes, the story is the Templars borrowed the concept of the bank note, essentially a letter of credit, during the Crusades, from the Muslims, who needed such a device for the safety of merchants traveling through bandit infested territory. Adam Smith invented Capitalism, as an alternative to the feudal systems that prevailed, although Mercantilism was common at time, itself evolved from the juxtaposition of feudalism and globalism, a form of economic colonization, that can still be detected, although it is in fact, distinct form capitalism. Most of what is commonly called capitalism, isn't, it's some form of feudalism, Mercantilism, or Corporatism, or combination thereof, as they're all related. Capitalism, by definition, is a moral philosophy specifically designed to short circuit the tendency towards feudalism (patronage, leading to monopoly) through the mechanism of self interest in competition. Without free competion, on as level a playing field as possible, it isn't capitalism. So predatory capitalism was essentially invented in Great Britain during the industrial revolution, and the regulatory state evolved to mediate it - what is happening in America at the moment is not invention, it's retrograde backsliding. Been there, done that, basically, and it is very unstable in the long term, for reasons systematically and exhaustively described long ago by Adam Smith - can you say... Tulips?
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Walking nightmare...
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