According to Niall Ferguson in "The Ascent of Money: A Financial History of the World," the introduction of credit by banks significantly transformed the financial landscape. This innovation allowed for greater economic activity and investment, setting the stage for modern financial systems. The ability to lend money based on trust and agreements revolutionized how individuals and businesses operated, creating new opportunities for wealth generation and economic growth.

The next major leap in the evolution of finance was the emergence of bonds. Bonds allowed governments and companies to raise capital by borrowing from investors, offering a new method for funding projects and sustaining economic progress. This development marked the beginning of a more sophisticated financial market, enabling systematic financing and investment over time, which further propelled economic development and integration across regions.