How Did Banks Start ?

In this Let's Teach video, I'll answer the question – how did banks start? The exact origins of banking, as we know it, remain shrouded in mystery; however, people first began to record their trades and financial transactions around 8000 B.C. In fact, archaeologists have managed to unearth several of these logs, and they can be seen in museums around the world today.

Besides these logs, there is also evidence that there were credit and lending services in ancient Mesopotamia, although these dealt primarily with seeds, to allow farmers to work, rather than money. These types of activities were also seen in Asian civilizations.

The idea of banking as an institution was formalized during the Medieval Period, although the majority of these were merchant banks that provided funds for traders traversing the Silk Road. When they failed to deliver on their promised returns, they were declared banca rotta, which is where the term “bankrupt” originates from.

To know more about medieval banks, modern banks and other banking families watch the full video.

00:00 Intro
00:23 Overview
00:57 Medieval banks
01:47 Banking families
01:57 Modern banks
02:23 When banknotes were first used
03:55 The International Monetary Fund and World Bank
04:32 Wrapping up
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Видео How Did Banks Start ? канала Let's TEACH