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From Feudalism to Capitalism to (Hopefully) Beyond feat. Dr. Joel Garrod (Part 2)

The Blockchain Socialist

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The Goldsmiths Created a State Debt

The state can no longer rely on just seizing what it wants to finance its wars. The goldsmith example is one of the earliest of the creation of a state debt, right? Where essentially the king was going to seize the vaults and the bankers or the goldsmiths were like, hey, we'll just give you what you want, but then it's the state's debt.

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