PepengAgimat
Established Netizen
- Thread Author
- #1
Without getting into the history of religion, and speaking purely from an analytical perspective, the Roman civil law, as a base-model for commerce regulation, was developed out of necessity of the church to avoid political scrutiny for its handling of ever increasing amounts of precious metals. It had become a “‘storehouse’ for the money and property the people were persuaded to give in exchange for limited liability — go directly to heaven instead of hell. As the people became more educated and saw what was really behind the power of religion [in generating wealth], the Roman Church fell under greater and greater criticism. This led to the development of a banking system to handle and control church wealth and take the critical focus [away from the church.]”
"The bank learned from the church about limited liability. If you could get people to borrow money beyond their ability to pay back, you could get them to keep performing [paying interest in one form or another] on a debt [liability] without ever demanding it [the principal] back, thereby loaning out the same credit to more than one individual or company. This meant that the bank was limiting the liability of the borrower so he was not fully responsible for the debt as long as he continued to paying the interest. This way real money [gold] became credit [paper money] by loaning to more than one person. Being involved in this sort of commerce was called private commerce. With the church's control over wealth, this private commerce became standard practice in world trade upon the sea ---- private international or admiralty/maritime law became known as Roman civil law as it began to figure heavily in the politics of every city and country it touched through international commerce.
"The bank learned from the church about limited liability. If you could get people to borrow money beyond their ability to pay back, you could get them to keep performing [paying interest in one form or another] on a debt [liability] without ever demanding it [the principal] back, thereby loaning out the same credit to more than one individual or company. This meant that the bank was limiting the liability of the borrower so he was not fully responsible for the debt as long as he continued to paying the interest. This way real money [gold] became credit [paper money] by loaning to more than one person. Being involved in this sort of commerce was called private commerce. With the church's control over wealth, this private commerce became standard practice in world trade upon the sea ---- private international or admiralty/maritime law became known as Roman civil law as it began to figure heavily in the politics of every city and country it touched through international commerce.
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