By the early 18th century, Japan had developed full-on derivatives markets (not just futures but CDS-style bets) for its rice crops. I like the "portability/storability" hypothesis this article is proposing for societal development. If only because it becomes a proxy for financial systems. And you don't have to "convince" people that your money is useful: You can always eat it!
> Japan had developed full-on derivatives markets (not just futures but CDS-style bets) for its rice crops. Any English-written resources for that? It sounds really interesting.
[0]: http://disciplinas.stoa.usp.br/pluginfile.php/69204/mod_reso...