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by Animats
1677 days ago
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Yes, and I was going to refer to that book, which is from 1998. The article misses the point. He's describing the beginnings of marine insurance. The goal was to make commerce routine and at fixed cost. Before this, shipping was a high-risk, high-return, low-volume enterprise. Marine insurance converted it, gradually, into a low-risk, low-return, high-volume enterprise. From silks and spices to bulk salted herring in casks. This is how shipping changed from "ventures" to "boring, but profitable". |
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