This Explains Why Modern Markets Developed Where They Did
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 15 January 2018
⏱️ 31 minutes
🧾️ Download transcript
Summary
For centuries, markets were highly-personalized things, often controlled by select groups of people who traded based on long-established and closely-knit relationships. Closed networks -- such as merchant guilds in 16th century Europe -- could ensure trust between buyers and sellers by pushing out bad actors. But then, something happened that would eventually become the foundation of all modern markets. In the 1500s, new trade routes and the arrival of the printing press helped erode the power of merchant guilds and give way to a much more open system of trading where strangers could interact with each other.
On this edition of the Odd Lots podcast, Prateek Raj gives his theory about why modern markets first took hold in Northern Europe, and what this 500-year-old period of disruption can tell us about the world today.
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| 1:16.0 | So, Joe, we obviously talk a lot about markets on the show, |
| 1:19.8 | and we talk a lot about stock markets, but do we ever stop and consider how stock markets came |
| 1:27.7 | into being? |
| 1:29.1 | We really don't talk about the origins of these markets all that much, why the stock market was created, we sort of take it for granted. |
| 1:39.2 | I'm very interested in the subject because I often wonder, you know know if you were to go around to market |
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