The Underground Wealth of Nations

Silver mining was a capitalist business long before the supposed origin of modern capitalism Hundreds of years before a sixteenthcentury crisis in European agriculture led to the origins of capital, investment, and finance, the silver mining industry exhibited many of the features of modern capitalism. Silver mines were largescale businesses that demanded large investments and steady cash flow, achieved by spreading that risk through fungible shares and creating legal structures to protect entrepreneurs from financial disaster. Jeannette Graulau argues that mining preceded agriculture as the first true capitalist enterprise of the modern world.