The history of banks
07/06/21 • 20 min
When banks first started thousands of years ago, they were known as places to borrow money, not to keep your own money safe. Through loans, they’d provide funding to farmers or traders to help them with a project — like building a fence or traveling to another country. Borrowers often had to leave something valuable with the bank until they paid off the loan. To keep all that valuable stuff safe, banks became supersecure. That made them great places for everyday folks to deposit their money.
This week, we’ll learn about the history of banks and how they work today and why they don’t work for all of us. Our old friend Bill Maurer will help us sort it all out, while Jed and Bridget see if they have what it takes to run their own bank.
Don’t forget to send us your questions about money at Marketplace.org/million!
When banks first started thousands of years ago, they were known as places to borrow money, not to keep your own money safe. Through loans, they’d provide funding to farmers or traders to help them with a project — like building a fence or traveling to another country. Borrowers often had to leave something valuable with the bank until they paid off the loan. To keep all that valuable stuff safe, banks became supersecure. That made them great places for everyday folks to deposit their money.
This week, we’ll learn about the history of banks and how they work today and why they don’t work for all of us. Our old friend Bill Maurer will help us sort it all out, while Jed and Bridget see if they have what it takes to run their own bank.
Don’t forget to send us your questions about money at Marketplace.org/million!
Previous Episode
Taxes pay for the things we care about
Back in Robin Hood’s day, tax-collecting sheriffs forced people to pay money to a king, who decided how those taxes were spent. These days our tax system works a bit differently. We get to vote for people who’ll spend that money on things we care about — like schools and libraries, health care for elderly people, police, parks, sewers and so on. With the help of a rambling troubadour and a tax policy expert, Jed and Bridget teach Robin Hood that the way tax dollars are spent today reflects what we prioritize as a society. Plus, we’ll ask random kids some not-so-random questions.
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Next Episode
Why can girls’ things cost more than boys’ things?
One of our inquisitive listeners, Isabella, noticed when she was shopping online that women’s clothing was more expensive than men’s clothing — and she thought that was unfair. Turns out, it happens a lot.
The same or really similar items, from school supplies to sports equipment, often cost more when they’re designed to look like they were made for girls. People have taken to calling this phenomenon the “pink tax.” This week, we’ll learn more about why it happens and what’s being done about it. We’ll also ask some random kids a not-so-random money question, and Bridget will introduce us to her new smart speaker — which has oddly great taste in music.
Don’t forget: We want to hear from you about your money problems! Go to Marketplace.org/million for instructions on how to send us a voicemail.
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