Recently reading about Hammurabi’s Code, and came across something that made me crack a smile.
If a merchant entrust money to an agent (broker) for some investment, and the broker suffer a loss in the place to which he goes, he shall make good the capital to the merchant.
If you’re not familiar, way back in about 2100 B.C., the Code of Hammurabi became the first “law of the land” and also served as a sort of “insurance” for all citizens. This was set up to give people some kind of law and order and to make the laws clear and understandable — something people could rely on as opposed to the whims of the king.
In King Hammurabi’s words:
Anu and Bel called by name me, Hammurabi, the exalted prince, who feared God, to bring about the rule of righteousness in the land, to destroy the wicked and the evil-doers; so that the strong should not harm the weak; so that I should rule over the black-headed people like Shamash, and enlighten the land, to further the well-being of mankind.
Shamash was an ancient sun god, if you’re curious. People back then were largely polytheists.
Anyway… much of the Code was obviously an early form of insurance, part of which protected individuals who invested in various trade activities. Its meaning is clear: an investor will get his money back no matter what. If the investment is successful, then the investor makes money. If the investment fails, the investor still gets his original investment back.
So… when I say these concepts are literally thousands of years old, I ain’t just whistlin’ Dixie (or, anything else for that matter).
It don’t matter if you’re black, white, Chinese, or… Babylonian. Rich, poor, Christian, Muslim, or… atheist. It all works the same way.
You put money in, and you get a guarantee that your savings will grow each and every year and be there for you when you need it.