Unlike physical technologies like the internet, money is a social technology. It's an invented system of trust that allows billions of strangers to cooperate and transact, forming the basis for complex civilization. It is the fifth element, propelling human progress.
Protestantism offered a direct route to heaven through good deeds and faith, eliminating the need to pay the Catholic Church for "indulgences." This reframes a major religious schism as an appealing financial proposition for a populace being heavily taxed for salvation.
Most economists can explain the mechanics of the monetary system, like a plumber explaining pipes. However, they often fail to grasp money's deeper influence as a sexy, dangerous, and motivating force that shapes human desire and societal structure.
The printing press wasn't conceived for Bibles or intellectual enlightenment. It was a commercial hustle by Gutenberg to automate the production of "indulgences"—paid certificates from the Catholic Church promising salvation. The press solved a production bottleneck for a highly profitable product.
A mortgage is a revolutionary abstract concept. It allows you to create a narrative about your financial viability thirty years into the future and, based on that story, borrow from that imagined future to acquire a real asset in the present. It turns time into a tradable commodity.
One of humanity's most ingenious technologies, writing, did not emerge for poetry or romance. Its origin story is economic: it was developed as a ledger system to record debts and credits for commodities like barley, making money the first thing we wrote about.
The fathers of physics and biology both lost their fortunes in financial speculation—Newton in the South Sea Bubble and Darwin in railways. This demonstrates that intellectual brilliance in one domain does not translate to financial markets, which are governed by psychology and mercurial forces.
The printing press, a technology financed by the Catholic Church to solidify its power, was weaponized by Martin Luther to dismantle that same power. By printing pamphlets with bullet-pointed arguments, he bypassed the establishment's information monopoly, acting as the first mass-media disruptor.