“…The outward appearance of these earlier financial systems is often so different from what we see in the world today that we have to look for similarities (or differences) in function, not form. Thus we find early modernists exploring the ways in which investors managed and priced risks, 90 organized payments and loans, 91 pooled resources, 92 and worked their way around information asymmetries. 93 Admittedly, there remains a strong desire among these scholars to identify forerunners or early examples of modern institutions, but the actual research they do reveals, for example, how financial systems function in medieval grain milling in southern France, in the silver and copper mines of Central Europe, the iron and coal mines of seventeenth-century Liège, and in trade, transport, and insurance in eighteenth-century England.…”