Italy and the Origins of Capitalism

Two Portrayals of Public Debt in the Formation of Modern Italy: From the Ancien Régime to Modern Capitalism

“…It is hardly a coincidence that capitalism first emerged in this part of the world, where public debt was established as one of the first technical-financial instruments to mobilise resources and accumulate capital. 2 Mediaeval capitalism was a capitalism of the few, namely of those whoas Fernand Braudel notedmanaged large transactions in the fields of long-distance trade and credit. This form of capitalism did not extend to all sectors of society, as the latter remained anchored in the feudal system up until the turn of the nineteenth century.…”