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Origins of Banking in Ancient Mesopotamia
- Banking began in ancient Mesopotamia with secure storage of agricultural commodities like grain.
- Temples and palaces acted as early banks issuing receipts that functioned like promissory notes.
Roman Banking Advances
- Roman banking formalized practices with legal frameworks and specialized roles.
- Banking families operated sophisticated enterprises throughout the Mediterranean.
Medieval Italian Banking Innovations
- Italian merchant families revived banking in the 12th century, pioneering double-entry bookkeeping.
- The Medici Bank innovated credit instruments to facilitate international trade safely.