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RG

IN CONTEXT

FOCUS

Banking and finance

KEY THINKERS

The Medici family (1397–1494)

BEFORE

13th century Scholastic writers condemn usury.

AFTER

1873 British journalist Walter Bagehot urges the Bank of England to act as “lender of last resort” to the banking system.

1930 The Bank for International Settlements is founded in Basel, Switzerland, leading to international rules of banking regulation.

1992 US economist Hyman Minsky publishes The Financial Instability Hypothesis, which has proved useful in explaining the 2007–08 financial crisis.

Humans have long engaged in borrowing and lending. There is evidence that these activities took place 5,000 years ago in ...

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