Japan ran a futures market in rice a century before Chicago had one in anything

In 1730, Japan's Tokugawa shogunate formally licensed the Dojima Rice Exchange in Osaka to trade standardised contracts for rice to be delivered in the future, settled through ledger entries rather than any actual rice changing hands on the spot. It's widely cited as the world's first organised futures market, predating the Chicago Board of Trade, founded in 1848, by well over a century.

— Japan Exchange Group historical records, Dōjima Rice Exchange — Osaka, Japan; formally licensed 1730 under the Tokugawa shogunate

One credited idea per card. No filler. Swipe the rest in Savvy.

Keep swiping — it's free Works right in your browser. No app store needed.

More Economics

All Economics cards →

Five ideas worth knowing, every week

The week's best cards and a puzzle, credited as always. Free, unsubscribe any time.