In short, it made investing easier and more standardized.
The market offered liquidity, publicized value, broadcast availability, and lowered transaction costs. The Amsterdam Stock Exchange worked much like other stock exchanges: it connected potential investors with investment opportunities while simultaneously allowing businessmen to connect with willing investors. That’s generally accepted as fact, although there were a number of similar institutions that sprung up around Europe around this time (Antwerp had a financial exchange system in the 16th century, for example). When you look online for information about the first stock market, you’ll pretty much always be told that it’s the Amsterdam Stock Exchange. In that case, let’s jump ahead to the 17th century. When we talk about investing, however, we’re typically talking about the modern investment structure of stock trading, securities trading, and banking. Anyone who broke their obligation as debtor/creditor was punished.
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In the Code of Hammurabi, land was required to be pledged as collateral. Essentially, the law established a way to pledge collateral in exchange for investing in a project. Most importantly for this article, it gave us a legal framework for investment.
That code provided the framework for a lot of civilization’s most crucial laws. We believe the history of investing can be traced back to the famous Code of Hammurabi, written around 1700 BCE. Most investing history books start in Europe in the 16th century. Who was the first person to invest? What’s the history of investing? Will the fundamentals of investing change at any point in the future? Today, we’re taking you on a trip through the history of investing. But that – along with most aspects of modern investing – is a relatively recent invention. Today, we take it for granted that you can pick up your phone and invest in a company.
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