Understanding the Financial Industry Through Linguistics

CHAPTER 1

Introduction

A (Very) Brief History of Financial Services

While financial services would seem to have been around forever, modern banking systems were only established in the late 17th century, with international finance getting off the ground in the early 19th century. These new systems were based upon the practice of trade, lending, and commerce that had been around since before ancient Greece, typically linked to societies that had developed an agricultural base.

Historically, farmers and traders required funds in order to travel and carry their goods from field to market in different cities. Merchant lenders would give loans based on the grain and other commodities, and thus, enabled the expansion of such trade. Alternatively, loans ...