History of Money, Banking, and Trade
Episode 3. The Legacy of Babylon: Ancient Economic Systems and their Contemporary Influence
Ready to journey back in time and uncover the secrets of ancient Babylon? What if I told you that there's a thread connecting the financial systems of this ancient city to today's economic norms? This episode takes you on a captivating exploration of Babylon, from its humble beginnings as a village to its peak as an economic and regional powerhouse. We delve into the dynamics of Babylonian society, the transformation under Hammurabi’s reign, and the critical role of Nippur, an influential religious hub of ancient Mesopotamia.
Ever wondered how the Babylonians conducted their financial transactions or how they planned their budgeting for public works and military campaigns? We've got you covered. We'll reveal the intricacies of their unique strategies, including a tab system with merchants and the meticulous tracking of transactions. We'll also shed light on the emergence of early property and bond markets, and the rise of their military-industrial complex.
Finally, we'll reflect on the lasting impact of Babylon's economic and social policies. Witness the turmoil caused by the Clean Slate Programs of 1788 BCE, a well-intentioned effort to wipe out loans that led to severe consequences for lenders. We also discuss how Babylonian leaders cleverly used populist attacks to their advantage, a tactic that reverberates in today's political landscape. Join us for this fascinating episode that reveals the enduring influence of Babylon on our modern world. So, let's step into our time machine and journey back to the ancient city of Babylon.
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