A key financial innovation of the eighteenth century was

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The circulation of paper banknotes was a key financial innovation of the eighteenth century, as it allowed for increased flexibility and convenience in conducting financial transactions, compensating for a lack of coinage. This practice eventually led to the establishment of modern banking systems. The other options listed (creation of insurance policies, establishment of a new international currency, deficit spending by enlightened monarchs, and increased use of bullion) were not necessarily unique to or defining aspects of the eighteenth century.

A Key Financial Innovation of the Eighteenth Century Was