This is 1889, under the government of Otto von Bismarck-- although, he has nothing to do with this, it was other people--economists in Germany that invented this idea.

889年时，当时俾斯麦执政德国-,他和这事儿没多大关系，这是由德国的经济学家,想出了这个主意。

耶鲁公开课 - 金融市场课程节选

This is 1889, under the government of Otto von Bismarck-- although, he has nothing to do with this, it was other people--economists in Germany that invented this idea.

889年时，当时俾斯麦执政德国-,他和这事儿没多大关系，这是由德国的经济学家,想出了这个主意。

耶鲁公开课 - 金融市场课程节选