As civilization moved from the barter economy into the modern concept of finance, a central institution was required to exchange currencies, negotiate loans, and store finance. The Italians answered this call by creating the worlds first bank, with the term “bank” being derived from the Italian term “banca” (pronounced “bahn-kah”) which means “bench” as those employed by banks during the financial systems early formation would typically sit at a bench all day and count currency. The Italians hel...
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