Economics And The Medici's Role In Banking

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Economics Bi-weekly essay #1

Religions role in economics and the Medici’s role in banking

Economics
Word Count: 533

In the early years of economics religion played a major role in banking. The Medici as well were a big part of establishing the modern world of banking as we know it now. Religion in economics played the role of determining who a person was able to lend money to. The Medici were a big part of establishing the modern world of banking as we know it today because they were responsible for the development of the double-entry book keeping system for tracking credits and many other use full techniques that are still used today. The role of religion in early economics was very large. Religion played a large role in lending and borrowing money. The Jews were a huge part of lending money. Jews were not allowed to lend money to other Jews as well Christians were
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The Medici bank, just like any one of the modern banks today, held deposits, made loans, dealt in bills of exchange, changed money and conducted business abroad. The double-entry book keeping system for tracking credits and debits that the Medici used is till used today in of Couse a different way because of the new technology but it was a help full tool and without this it would be hard for banks to tell were money in from and which account it goes into. A double-entry book keeping system for tracking credits and debits was “It’s called “double-entry” because each transaction is recorded in at least two accounts: a source account, or where the money comes from, and a destination account, or where the money goes”. All of the techniques that the Medici bank established in the early years of banking were carried on and are still used in banks all around the

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