Embracing Bitcoin As An Economic Foundation

"Bitcoin Is Venice," a book by Allen Farrington and Sacha Meyers, describes the renaissance of sound money.

This is an article in a series of adapted excerpts from “Bitcoin Is Venice” by Allen Farrington and Sacha Meyers, which is available for purchase on Bitcoin Magazine’s store now.

You can find the other articles in the series here.

Quentin Skinner’s monumental overview of the development of early modern political philosophy, “The Foundations of Modern Political Thought,” begins with the following lines:

“As early as the middle of the twelfth century the German historian Otto of Freising recognised that a new and remarkable form of social and political organisation had arisen in Northern Italy. One peculiarity he noted was that Italian society had apparently ceased to be feudal in character.”

While Skinner’s concern is political philosophy and not economic history, it is easy enough to identify that these social changes were made possible by a nascent form of capitalism. As the great medievalist Henri Pirenne commented on the period and region in his “Medieval Cities”:

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