You can borrow against most assets you own. Margin in your stock account, a mortgage or HELOC, etc. Credit cards are essentially based on your ability to repay much like borrowing against your future cheese revenue.
Modern finance and accounting more-or-less started in Renaissance Italy. Double-entry bookkeeping meant merchants and bankers kept good books. Good books and good accounting made negotiable instruments like bills of exchange (e.g. checks) and letters of credit reliable--at least when drawn on or issued by Italian banks and their partners around the continent--which meant travelers and traders didn't need to carry alot of currency or gold (dangerous), or resort to barter. Negotiable instruments in turn built up foreign exchange markets. Foreign exchange markets grew foreign financing. Larger, more liquid financing markets meant it became easier to borrow against assets (i.e. security). And on and on.
Much of modern transactional banking and securities law became settled during that period, eventually becoming nearly universal across disparate legal regimes around the world.
It describes changes that happened in war, mining, shipping, trade in (mostly western) Europe in the last decades of XV century. The common theme is finance and it includes a chapter on how bank houses became bigger and could secure much bigger loans (which allowed bigger states to wage wars, or rich individuals to bid for top titles ;)).
Welcome to MMXXII. About X centuries ago "we" imported the Hindu-Arabic numerals. I know, Latin numbers carry the myth of being more "safe" but really you should try the arabian numerals. They revolutionized math and eased reading text alongside.
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Those are all different things and different forms of borrowing though.
When someone borrows against cheese they are borrowing against existing personal property for which labor has already been supplied rather than borrowing against future earnings. The lender does not need to verify income and credit, just inspect the purity of the cheese. With a home loan, the owner is borrowing against the personal property in the building, as well as the common property in the land and the future earnings of other people such as their tenants.
Additionally in the case of a co-op, the interest charges the organization collects on the debt are usually reinvested locally for the benefit members.
You can borrow against most assets whose values are easy to assess and are readily resellable, and which will keep that value, yes. What’s significant here is cheese being in that category. It’s still (like a home or publicly traded stock) the extreme exception, not the rule. I certainly can’t borrow against the cheese in my refrigerator (“fridge”), so it’s weird that you’d trivialize the case of co-op cheese as part of a totally normal trend of being able to borrow against anything.
Most of the stuff in my living room, for example, would not be able to secure a loan, except maybe a pawn loan on undesirable terms.
And it’s really weird to look at credit cards as an example of the same thing. “Your ability to earn and repay” is not generally classified as an “asset” except maybe metaphorically — not a financial/accounting sense.
