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A Brief History of the Accumulation of Wealth

Alavi Ali

The accumulation of wealth - which arguably started in Medieval Europe - can not be separated from the role of the state, as a political authority. These countries require great wealth to fund its cultural and political interests, namely, the continuous inter-state wars between the nation states. In this context, the state created a system of government loans (government bonds) that were intended for the nobles to facilitate the collection of funds. The system is then adopted by the worlds first multinational companies couple of centuries later.In its development the system that was originally created by the state, made its position rivalled by other actors in the financial system. In the 19th century, for example, Rothschild family were capable of creating a European scale financial network. In the 20th century and the 21st emerge George Soros that showed the ability not only to compete with state - in this context the UK financial system - but also generating huge profits overnight by doing so. This suggests that the financial system spawned actors that are autonomous from the state as a political authority.

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