Modern finance and accounting more-or-less started in Renaissance Italy. Double-entry bookkeeping meant merchants and bankers kept good books. Good books and good accounting made negotiable instruments like bills of exchange (e.g. checks) and letters of credit reliable--at least when drawn on or issued by Italian banks and their partners around the continent--which meant travelers and traders didn't need to carry alot of currency or gold (dangerous), or resort to barter. Negotiable instruments in turn built up foreign exchange markets. Foreign exchange markets grew foreign financing. Larger, more liquid financing markets meant it became easier to borrow against assets (i.e. security). And on and on.
Much of modern transactional banking and securities law became settled during that period, eventually becoming nearly universal across disparate legal regimes around the world.
Much of modern transactional banking and securities law became settled during that period, eventually becoming nearly universal across disparate legal regimes around the world.