🇺🇸 역사 속 부유한 도시들의 공통점? (ft. 베네치아, 월스트리트)

I'm at Pier 15, which is located along the Wall Street and towards the sea. It used to be a dock, but now it's used as a military park. There are some trade ships in the middle of the 1800s so that you can feel the politics of the old New York Port. If you cross the highway here, there is a two-block street called South Street Seaport Museum District, which historically preserves the feeling of the old New York Port. Many tourists come and eat oysters, imagining that the old New York sailors must have eaten like this, and enjoying historical politics. From the end of the 19th century to the early 20th century, New York was called the Empire City. New Yorkers are proud of the fact that it was an amazing city with as much power as the Empire. I came here because I thought it would be a good place to think about how New York, which was a coastal port of the Atlantic Ocean until the 17th century, could become the best city in the world. New York City I think there are two ways in which a city has a global influence. One is that it boasts an overwhelming agricultural production compared to other cities. As a result, the population increases and naturally overpowers small cities and villages around it politically, politically, and religiously. As the surrounding territory becomes one country, this city becomes a capital. These cities play the role of caput in many cities, so we often call them capitals. The second type is that it becomes a big city because it becomes a hub. Whether it's a geographical reason or a strong asset guarantee, whether it has a unique legal system that can be implemented after signing a contract, the city has an international influence because many economic activists gather and trade there. In Asia, Hong Kong and Singapore would have been like this. In the Middle Ages, Venice in Italy, London in England, and New York, which is not the capital of the United States, but the best business city in the United States. When New York started, New York and Boston were in a competitive relationship. We're in Eastview right now, and there's Hudson River on this side. But the Hudson River used to go up north and lead to Canada, but it didn't go to the left. So New Yorkers dug 550km of artificial river connecting the Hudson River and Odaho, which is a huge natural waterway in the U.S. And a huge amount of underground resources and industrial production in the U.S. From the mid-1800s, they came down to the Mediterranean Sea, changed ships, and left for London. Boston remained a local port, and New York began to develop as the world's largest melting pot. With that power, New York became the world's largest hub city. This is Wall Street, well-known as the hub of U.S. finance. The dock I was standing on is right over there. If you look down this Wall Street, you can see the relationship between the sea and U.S. finance. There's a seaport over there. This huge building on the left is the 55 Wall Street, the building where the New York Trade Union was located. And across the street, there's a Renaissance-style palazzo. The father of Western finance was Medici. If you look at U.S. financial offices, they are often built in the shape of a Medici palazzo. That's the Bank of New York building in Florence. And if you go down a little further, there's 23 Wall Street. It's the office of John Pierman Morgan, known as the father of U.S. modern finance. There's a New York Stock Exchange right across from J.P. Morgan's office. So if you walk down the sea for about five minutes, you'll see the birth of the J.P. Morgan High Finance, and then the Stock Exchange right after that. Now, 55 Wall Street is where Cipriani, a Venezuelan restaurant businessman, has a restaurant. So there's a huge Venezuelan flag hanging there. Venice is also a place that comes to mind when you think of a hub trading city. The fact that there's a Venezuelan flag waving in front of the Merchants Guild building is a scene that makes history-lovers smile. If you look at Shakespeare's Merchants of Venice, there's a character named Antonio. He's a sub-trading merchant whose three trading ships are out at sea. All of his goods are out at sea right now, so he's short on cash. So to help his friend, he borrows money from a loan shark named Shylock. Instead of getting his goods or ship as collateral, he has a grudge against him, so he tells him to put his heart on the line. But somehow, all three trading ships collided, so they had to go through a trial to decide whether to give up the ship or not, and they ended up winning the trial and saving their lives. But the reason why Merchants Guild and the Bank of the Stock Exchange are in the limelight is because the real merchants didn't do business while taking the risk of bankruptcy. They used various tools such as insurance and securities to protect their mind and property, and trade developed only in places where such systems are properly established. If it weren't for this structure, New York wouldn't have become the best hub city in the world. Let's take a look at the risks that traders take before sailing. One is the risk of bankruptcy, and the other is the risk of counterparty risk. There's a risk that the person I'm trading with won't give me money. First of all, if you look at the risk of bankruptcy, modern trading ships sometimes sink. A few days ago, a ship carrying thousands of German luxury cars sank, so people who were waiting for a car in Korea couldn't get a car. Modern trading ships also sink. Think about wooden ships that depended on the wind in the past. The probability of these ships sinking in one trip was between 14% and 25%. As a result, to protect themselves from the risk of bankruptcy, they made a lot of devices based on private collective intelligence. For example, in the case of Arab merchants, if 10 people trade from the same city to the same city, when one ship goes bankrupt, 10 people share the loss. In Arabic, the word bankruptcy or damage is called al-war, so it's pronounced as al-war. Then they calculate the value of the goods on the ship, divide it into 10 equal parts, and make sure that no one goes bankrupt or goes bankrupt. When this system comes to Europe later, the pronunciation of al-war is translated and the word average is created. So even today, when a ship goes bankrupt, the insurance company announces the general average. Another interesting thing is the bottomless contract or premium contract. When a ship departs, a kind of insurer buys the goods on the ship at a low price. When the ship arrives at the port safely, there is a system to sell it back to the trader at a slightly higher price. The goods were bought in advance before the ship arrived. So they called it premium with a prefix called pre and an emerald called sanda. So even today, the term premium came from here. But if the ship sank, the goods were on the bottom of the water, but I had to buy them, so they called it a bottomless contract. When I talked about it in the diving watch content before, many trade ships sank in the past, and in order to pick up the valuable goods in the trade ship, early diving was activated. Who went into the water and picked up the goods? It's not the captain or the trader who picked it up, but the person who signed the premium contract. From the perspective of the insurer, if the goods sank, it's mine anyway. So I have to pick up at least one. An early diver went and picked up the goods. Another risk faced by traders at that time was the counterparty risk. The person who was going to buy my goods suddenly said something else. Oh, I don't have money. I don't buy goods. Or he took the goods and ran away. But these days, even though there is a resident registration number and a business registration number, sometimes there is a counterparty risk. In the past, when there was no resident registration number and no business registration number, how could we reduce this risk? This is where the concept of a merchant guild or a merchant bank, which was operated by J.P. Morgan's father, began to arise. How powerful is our life of exploration? Today, there is a rumor that we are filming content related to finance and trade. I put a trade line in front of the New York Stock Exchange. The best way to reduce trade losses is not to invest only my money, but to gather many investors and raise the ship. In fact, in the past, when you raised a ship, you went on an adventure. It was called adventure capital to raise money for adventure. After that, the adventure changed to venture, so it became venture capital. Counterparty risk Companies that make money by solving this were created in Italy from the 1300s and 400s. A representative example is the Medici Bank. For example, in the 1400s, between Italy and the Netherlands, which used to be called Flanders, there was a very active fiber trade. But Italy and Flanders had different languages, customs, and laws. Medici was located in Florence. Medici's partner and right-handed family, the Portinari family, was located in Flanders. Portinari had a network in Flanders, and he joined a merchant guild to find out which merchants were trustworthy. Medici played that role in Florence. For example, if a merchant in Florence makes an export deal with a merchant in Flanders, it's too difficult and complicated to get money from a merchant in Flanders. So they make a deal. If you go to the Medici office in Florence, the Medici office gives you money in advance. And the money is collected from the Flanders office. They make this system. It's called a merchant bank. Banks that do something similar to the Medici family are growing and developing into an industry. And then there's the LOC, the credit system. Even if you don't have a LOC right now, you can import goods, sell them, and pay for them later. That's how the international trade develops. At that time, the only people who had an international economic sense or an international infrastructure were actually merchant bankers. So when the country asked for money from abroad, they were merchant bankers. In the 1870s, France was invaded by Provence, and it was about to collapse. At that time, they had to provide war funds with a LOC. They didn't provide war funds because they thought France would lose. They sold the French state to abroad. Later, when France was liberated, they got a huge premium and built a foundation for their family. It's the father of J.P. Morgan, Junior Morgan. So what do you call this era? It's called the baronial age of merchant banking. If I want to trade, but the merchant banker doesn't guarantee me, there's no way to check my credit, so I don't trade. This is the golden age of merchant bankers. It was an era in which the country could enter the international trade only if there were banks like the British Bering Bank, the German Warburg, and the American Morgan Bank. But what was the problem? Merchant bankers were people who had to guarantee others, so they were very careful about who to guarantee. Because if the person they guaranteed failed, they would pay the money instead. It was a time of dark, judicial agreement. So most of the time, unless you belong to the same religion and race as yourself, they didn't guarantee you. Most of these systems developed in the UK and the east of the United States, so most of the new companies can't be guaranteed unless they're white Protestants. That's why a lot of Jews who are discriminated against in Europe come to New York. People like Raymond and Goldman financed mocha businesses that non-Christians guaranteed and made money. In Wall Street, there is a financial system where the Jewish House and the Anglo-Saxon House have lost both sides. This is the symbol of Wall Street. There's a bull that's rushing. If you look at the building right behind the cow, it says Cunard Line. There are two major companies that made a big business by connecting the Atlantic with a new technology called steam line. White Star Line. There's a company that made the Titanic. Cunard Line. It's right here. And if you go down there, there's a building that looks like an old European palace. That's New York Port's Guanshecheng Building. The country becomes a powerful country only if it jumps into the world trade and the world economy, and then it becomes a city. The countries that can't join because the Merchant Bank is a closed organization have problems like this after the Second World War and many new countries became independent. How can countries without the Merchant Bank tradition develop the economy? But if you look at the countries that are successful in international trade like Korea, most of the time, the country does this. England was the world's largest trading country at the time. The Merchant Bank is a private organization because the First World War broke out. If the bank goes up, you have to raise the premium on the credit card. The premium on the credit card goes up too much, so even if the trading companies trade, the money goes to the bank, but it doesn't go into their pockets, so the trade starts to stop. England was like a country that was completely dependent on the sea, so after the First World War, in 1919, they created an organization called ECGD to prevent this. Even if there is no credit card, the country gives a guarantee and establishes a national institution that allows trade. Since then, they have created institutions called ECA to replace the work of the old Merchant Bank, and it is said that they have opened an era where they can boldly jump into trade. In the past, England's ECGD was so strong that even companies like Korea, which was liberated after the Second World War, needed a guarantee of ECGD to get global finance. Now, the Korean Trade Insurance Corporation is in charge of this, and the most important thing is that it seems to do something similar to Yeonjun. Yeonjun is in charge of the final loan that banks can't take responsibility for. So they use the expression Bank of the Last Resort, and it seems to play a role like Insurer of the Last Resort, or Guarantor of the Last Resort. For example, in 2008, because of the financial crisis, companies that trade may not be able to receive money because the other company's finances are difficult, or they may not be able to produce because the international finance is difficult. So, they used the term Bank of the Last Resort to make money. If you think of it as the transmission of technology, communication technology, internet or telephone transmission, transportation technology, steam engine, steam line, or production technology. But what's interesting about humanities is that it looks at social technology. How can we create a social organization where people who have been engaged in Indian and Mediterranean trade have developed, and large American investment banks have succeeded, and ECA, such as the Korea Trade Insurance Corporation, have succeeded. Countries where that technology has entered have become popular, but where that technology has not entered, it is difficult to play the role of a hub. It seems to be a typical example I'll see you next time. Goodbye.