"Calm Man" Hot Topic Video: "Economic History Special Lecture"
Finally published as a book!

Conquering history, humanities, and geography in one volume
Too Much Economics Textbook

Choi Min-su, who left a strong impression with his excellent speaking skills on YouTube channels 'Calm Man' and 'Pani Bottle', has published 'Choi Min-su's Special Lecture on Economic History 1' based on the popular video 'Special Lecture on Economic History' that has over 1.45 million views.
It is a 'story of economics in world history' told in a chatty, cheerful, and lively way with a unique way of speaking.

The 'B4 paper' he carries around has become a hot topic in various media.
This B4 paper is filled with what he wants to say and 'too much information', and this book can be said to be the 'B4 economic history' that is truly like Choi Go-min-su, true to Choi Go-min-su, and unique to Choi Go-min-su.
It is filled with stories about money and economics in 90 topics spread across two volumes.
The story unfolds in a trajectory of history, from the Code of Hammurabi in ancient Mesopotamia to modern-day Brexit.
Volume 2 is scheduled to be published sequentially.

This book covers a vast range of topics in an easy-to-understand manner, making it accessible to everyone from students preparing for the humanities and social sciences, to job seekers who want to study current affairs, to bibliophiles who have always been interested in economic history.
On a hot summer night, let's go on a three-day, one-night economic history trip with him.

The criteria for distinguishing Eastern and Western currencies are weight and purity.
Western currency was unified in weight and shape.
The weight and purity of the metal corresponded to its monetary value.
As a result, the value of Western currencies was standardized.
It was objectively recognized in the market only for its metal value.
The king's arbitrary decision-making was excluded.
Ancient Europe was a mixture of many languages.
In order for people speaking different languages ​​to exchange goods, the weight and purity of currency had to be standardized.
Adam Smith stated that the standard for money must be '1) universally recognized, 2) have exchange value, 3) be incorruptible, and 4) divisible.'
By Western standards, gold and silver had to be currency.

---From "1-3 History of Currency, Differences in Values ​​Between Western and Eastern Currency"

To finance the Cura Anora, the operation of a large army, and the extravagance of the royal family, the emperor needed a huge amount of currency.
When taxes and tribute from the colonies became insufficient to cover the costs, the Roman emperors reduced the amount of precious metal in their coins.
Seigniorage is the profit from minting currency.
If it is a silver coin, it should contain 100% silver, but the specific gravity of silver was reduced and the copper content was increased.
As the silver content decreased, the value of silver coins also decreased below their face value (the numerical value written on the currency).
As the value of the currency fell, more currency had to be used to buy goods.
Prices rose, or inflation occurred.

---From "1-5 Bread and Circuses, Price Controls in Rome"

The significance of the Dutch East India Company lies in its being the first modern joint-stock company.
It cost a lot of money to build a large fleet and sail it.
I had to borrow money to finance the investment.
Of course, it was easy to wait for investment funds in the Netherlands where interest rates were low, but it would have been a huge disaster if the ship was wrecked or could not return.
Since it was a joint guarantee, if the other person was unable to repay the debt, they had to take on the debt as well.
I had a strong desire to take on only as much risk as the amount of money I invested.
The result was the East India Company in the form of a joint stock company.
The stock company is only liable for the proportion of shares I invested in.
To diversify risk, the East India Company chose to invest in stocks.
A corporation creates a company by selling stock to investors.
The certificates that a company gives to investors are stocks, and the people who buy the stocks are shareholders.
In other words, a corporation provides stocks to shareholders in return for their investment, and shareholders receive dividends and certain decision-making rights according to the proportion of stocks (shares) they own.

---From "1-31 Dutch East India Company Stock Trading Begins"

When English silver was refused to be used for payment of England's overseas trade, the Queen asked Thomas Gresham to find out the reason.
Gresham, who studied finance in Amsterdam and founded the Royal Stock Exchange in England.
He is also the one who said Gresham's law, which states that bad money drives out good money.
He makes a clear diagnosis: 'Good money and bad money cannot coexist.'
If the silver content is reduced to 1/3, the currency value will inevitably be evaluated at 1/3.
If you paid 1 nyang for fish and chips, now it is right to pay 3 nyang.
Decrease in the value of money = rise in prices, inflation.
Gresham advised to collect the bad and issue pure currency.
Ultimately, Queen Elizabeth I took Gresham's advice and recalled the low-quality coins and replaced them with new, purer coins.

---From "1-33 Bad money drives out good, Gresham's Law"