← Front page

Masters in Business · Friday, October 23, 2026

Venice Created the First Accidental War Loan in 1171

Robin Wigglesworth discusses the origins of fixed income history, tracing it back to Venice in 1171. He explains how the city forced citizens to pay a proportional war tax that was converted into a tradable, interest-bearing loan.

personRobin Wigglesworth

The tape

1 quote
“The reason why I decided to start in Venice in 1171 is because really when I see, I want to see intellectual genealogy, as it were. Like, what really was the stuff that led to B, to C, to D?”
Robin Wigglesworth
Heard on Masters in Business — “Embracing the Bond Market: Masters in Business with Robin Wigglesworth”, published Friday, October 23, 2026. Heardvine summarizes and quotes with attribution and timestamps, and links to the original everywhere.
Transcribed via publisher transcript · $0.00
Venice Created the First Accidental War Loan in 1171 — Heardvine