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Let us not forget, the Netherlands practically invented financial capitalism in the 16th through 18th century. Apart from the well known markets and exchanges they invented the permanently capitalized enterprise with tradeable shares of ownership distinct from management duties. (And colonies in North and South America, Africa and Asia to boot.)

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Netherlands practically invented financial capitalism in the 16th through 18th century

And even here, you find that the Dutch also instituted the first real central bank[0], which laissez faire folks would tell you lead to panics and recessions.

Tulipmania[1] happened about twenty years later, but I'm open to believing that was a coincidence.

[0]https://en.wikipedia.org/wiki/Bank_of_Amsterdam

[1]https://en.wikipedia.org/wiki/Tulip_mania

And, ironically, that period of financial capitalism was felled by massive growth of govt debt...

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