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A recurring theme for Bits about Money is that financial infrastructure is heavily path dependent. We’re (oft unknowingly) standing atop decades and centuries of work which came before. Sometimes, the specific contours of that work, and of decisions made decades ago, is a roadmap to what continues to work today and what doesn’t.
A lot of more modern financial infrastructure follows the paths blazed by checks, at least in the U.S.
We are not affiliated with Patrick McKenzie. This unofficial audio edition is available to listen to and share for free. Read the original on Bits about Money.
Duration
~20 minutes (19K characters)
Release date
Dec 13, 2023