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The Big Picture Before money, it was difficult to accumulate wealth in any form other than land, often acquired through battle. Since land was passed down through generations within the same noble family, wealth was concentrated in the hands of the very few. The move from a labor economy to a money economy had the effect of spreading wealth, and with it some of the economic, social, and political power. The Crusades were a catalyst for reviving European trade and banking, resulting in an expansion of commerce and knowledge. Banks, particularly the banks of the Medicis and Rothschilds, facilitated the mobilization of wealth, and funded innovation and the expansion of commerce. Wealth was put to work for exploration, innovation, art, and science. Financial literacy includes knowing about the impact of money on wealth and the role of banking in the expansion of global commerce. Let’s Practice! Select from these practice activities: Let's Practice: Building Wealth Without Money Let's Practice: Disparity Despair Exploring 21st Century Skills and Issues: Investment Banks vs. Commercial Banks Ponder and Predict It may be a bit misleading to say that the world went for wealth in a big way. The fact is, western civilization went for wealth in a big way. As a result, the west developed and industrialized faster and more successfully than most other places in the world where in many places it still lags today. Why did commerce take root in Europe, and economic development flourish in the West? Write your prediction here and in the next lesson, find out if you are correct! Assign • Blog, debate, discuss: The Medicis were ruthless in their pursuit of wealth and power, but also very generous with their money, funding great advancements in the arts and sciences. Is money “the root of all evil?” Could it be the root of all good? What “good” would you do, if you had a lot of money? SLIDE 6K SLIDE 6L PRODUCT PREVIEW
• To prepare for the next lesson: read Chapter 7 in the student workbook. • Watch business or financial news at least 15 minutes per day: Bloomberg West (www.bloomberg.com/video/bloomberg-west)
The Street Business News (www.thestreet.com) Reuters (www.reuters.com/video/technology) • Each week compare and contrast tweets from students' selected financial journalists. Compare journalists' opinions about events and stories.
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THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY
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