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Subject:QotD: Kuznetsov on modes of capital transfer
Time:11:25 am

Болтовня с Катей Ш. напомнила любимейшую цитату из прекрасной книжки Алекса Кузнецова.

Interestingly, despite this long and varied history, humanity has been able to come up with only three logically distinct ways of moving money and other forms of capital from those who have it to those who want to use it. These are, in order of historical appearance, theft, debt, and equity. We do not discuss theft in this book, as it is covered extensively elsewhere and is not (supposed to be) part of the financial system whose workings we are trying to understand, so we proceed with the briefest of overviews of the evolution of the other two modes of capital transfer: debt and equity.

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