When princes defaulted on their debts to lesser banks, ruined bankers sold their wives and children into slavery and opened their own veins. In one of the creative anachronisms that litter the fantasy genre, it is now a pro-active changer of regimes, an institution dedicated to turning credit into control, leaving dead kings and structural adjustment programs in its wake.ДЄ line from the books, not yet aired on television, illustrates this: The Iron Bank, however, has developed far beyond those early moneylenders. Enforcement, then, could be a matter of calling in the condottieri which literally translates to вЂњcontractorsвЂќ Westerosi equivalents would be Bronn and his fellow вЂњsellswordsвЂќ. In a legally regulated market, there are a number of legal and contractual mechanisms for covering this risk, from credit scoring to deposit of collateral (вЂњyour home may be at riskвЂќ), and the bank can rely on the courts to enforce those debts.Д«ut in the early modern world, and Braavos does seem to be based on Venice of the time, those institutional mechanisms were not so well developed. Microeconomics calls this a problem of asymmetric information. (In theory, of course вЂ“ as we know from experience that not all banks were diligent in their handling of risk). In general, a borrower will know more than the bank about their own ability to repay a loan, hence the steps a bank will take to reduce its exposure by finding out as much as it can about a borrowerвЂ™s ability to repay. Events and Offers Sign up to receive information regarding NS events, subscription offers & product updates.Д«anking is a matter of controlling risk, among other things. Ideas and Letters A newsletter showcasing the finest writing from the ideas section and the NS archive, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. Weekly Highlights A weekly round-up of some of the best articles featured in the most recent issue of the New Statesman, sent each Saturday. The Culture Edit Our weekly culture newsletter вЂ“ from books and art to pop culture and memes вЂ“ sent every Friday. Green Times The New StatesmanвЂ™s weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. The New Statesman Daily The best of the New Statesman, delivered to your inbox every weekday morning. World Review The New StatesmanвЂ™s global affairs newsletter, every Monday and Friday. The Crash A weekly newsletter helping you fit together the pieces of the global economic slowdown. Morning Call Quick and essential guide to domestic and global politics from the New Statesman's politics team.

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