Underground Wealth of Nations

Silver mining was a capitalist business long before the supposed origin of modern capitalism

Hundreds of years before a sixteenth‑century crisis in European agriculture led to the origins of capital, investment, and finance, the silver mining industry exhibited many of the features of modern capitalism. Silver mines were large‑scale businesses that demanded large investments and steady cash flow, achieved by spreading that risk through fungible shares and creating legal structures to protect entrepreneurs from financial disaster. Jeannette Graulau argues that mining preceded agriculture as the first true capitalist enterprise of the modern world.

Mineritul de argint a fost o afacere capitalista cu mult inainte de presupusa origine a capitalismului modern. Sute de ani inainte de o criza din secolul al XVI-lea in agricultura europeana a dus la originea capitalului, a investitiilor si a finantelor, industria miniera de argint a prezentat multe dintre caracteristicile capitalismului modern . Minele de argint erau intreprinderi de mari dimensiuni care cereau investitii mari si flux de numerar constant, obtinute prin raspandirea acestui risc prin actiuni fungibile si crearea de structuri juridice pentru a proteja antreprenorii de dezastrele financiare.