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From Michael Hudson's new book, p.49
Each region set its interest rate for ease of calculation in the local system of fractions - Mesopotamia's sexagesimal (60-based) system, the Greek decimal system or the Roman duodecimal (12-based) system. To Heichelheim this seeming decline in the official Bronze Age rate from the 20 percent (1/60th per month) in the 3rd and 2nd millennia to 10 percent on Egypt and classical Greece, to 1/12th in Rome reflected the rising security of credit [...]
by gk (gk (gk quattro due due sette @gmail.com)) on Thu Dec 27th, 2018 at 06:29:40 PM EST

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