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Airs every Wednesday through Labor Day. Find All episodes of this season here. and Past Seasons. and Follow the video Summer School on TikTok.
There was a time when every business was a small business. It was run by the owner, spouse, and children. They might borrow money from friends and family, but it could only get so big.
Then came what we can only call the Big Bang. Over the course of a few decades, people figured out a way for businesses to sell shares of ownership (i.e., stocks) and for people to trade those shares. Suddenly, people had money to buy machines and expand. Businesses grew and became corporations. Corporations could take risks and share the risks and rewards with thousands of strangers. This also led to the idea that a company could outlive its founders and original owners, and how we could have perpetual living organizations.
Today we travel to the Netherlands around 1600 AD. First, we’ll visit the bridges of Amsterdam, where one of the earliest stock trading took place. Then, we’ll track down the Dutch Water Company, the source of the oldest “living” bond. It was the origin of stocks, bonds, and stock markets, and it led directly to many of the financial innovations we still have today.
We cover:
- fluidity
- Limited Liability
- eternal life
- Short Selling
The series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.
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