The David McWilliams Podcast The Economics of the Merchant of Venice: Lessons from an Empire of Trade
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Feb 13, 2025 Explore the fascinating rise of Venice as a trading powerhouse with no natural resources. Discover their pioneering financial innovations, including double-entry bookkeeping and the creation of a reserve currency. Delve into the city's unique political landscape and the social dynamics that shaped its economy. Learn how Venice's history parallels modern economies, like Ireland's, and uncover the lessons of diplomacy and resilience that still resonate today. Join a journey through time as we unravel the enigmatic ties between trade, culture, and survival.
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Venice in February
- David McWilliams points out that Venice in February is less crowded than in peak season.
- He describes the city's eerie atmosphere at night due to minimal streetlights.
Origins of Venice
- Venetians initially settled the islands as refugees, escaping barbarian tribes.
- Later, they established a republic offering lower taxes, attracting merchants and fostering social mobility.
Venice's Trade Dominance
- Venice, lacking natural resources, thrived on trade, acting as intermediary between Europe and the East.
- Their mastery of the sea allowed control of trade routes and arbitrage between East and West.
