London Bills and World Trade

           Trade is capital intensive, even more so when transit times are slower or the distances vaster. Products sitting in warehouses, ships, and ports are deadweight, tying up capital until they are finally sold and used. Merchant banks, as their name implies, serve merchants and for centuries that meant devising a solution to the financial problems

Gold, Inflation, and Spanish Decline

           Any influx of new money, if poorly managed, can prove as ruinous as it seemed alluring. Misdirected riches can be frittered away and, by enabling years or decades of dissipation, growing indebtedness, or both, can leave its former holders in far worse position than where they began. Spain was able to capture large amounts of

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