Curated timeline

Economic History

Follow the evolution of global systems of trade, currency, and labor. From ancient barter and the Silk Road to the rise of capitalism, the Industrial Revolution, and the modern digital economy.

• Development of Agriculture (c. 9000 BCE)

  Development of agriculture and settled communities, enabling surplus production and early trade systems.

• Mesopotamian Barter Systems (c. 6000 BCE)

  Emergence of organized barter systems in Mesopotamia with standardized exchange ratios.

• Standardized Weights and Measures (c. 3000 BCE)

  First recorded use of standardized weights and measures in Mesopotamia for fair trade.

• Sumerian Accounting Systems (c. 2500 BCE)

  Development of cuneiform accounting systems and record-keeping in Sumerian temples and trade.

• Old Assyrian Trade Networks (c. 2000 BCE)

  Establishment of long-distance trade networks by Assyrian merchants across Mesopotamia and Anatolia.

• Code of Hammurabi (c. 1750 BCE)

  Code of Hammurabi establishes comprehensive laws for trade, contracts, interest rates, and commercial disputes.

• Phoenician Maritime Trade (c. 1200 BCE)

  Phoenicians develop extensive maritime trade networks across Mediterranean, spreading commerce and currency.

• First Coins in Lydia (c. 650 BCE)

  World's first standardized coins minted in Lydia using electrum, revolutionizing trade and commerce.

• Persian Gold Daric (c. 515 BCE)

  Persian Empire establishes the gold daric, first widely accepted international currency.

• Greek Banking Houses (c. 400 BCE)

  Greek city-states develop banking houses offering loans, currency exchange, and maritime finance.

• Islamic Banking Development (c. 800-1200 CE)

  Islamic Golden Age develops sophisticated banking, credit systems, and Islamic finance principles.

• Chinese Paper Money (c. 1023 CE)

  Chinese Song Dynasty issues the first government-backed paper money (jiaozi) to address coin shortages.

• Champagne Fairs (c. 1150-1300 CE)

  Champagne Fairs become major European commercial centers, developing credit systems and bills of exchange.

• Bank of Venice Founded (1171 CE)

  Founding of the Bank of Venice, one of Europe's first public banks offering loans and currency exchange.

• Double-Entry Bookkeeping (c. 1200 CE)

  Italian merchants develop double-entry bookkeeping system, revolutionizing accounting and business management.

• Florentine Gold Florin (1252 CE)

  Florence mints the gold florin, becoming a major international currency standard across Europe.

• Medici Bank Expansion (c. 1397-1494 CE)

  Medici Bank establishes branches across Europe, pioneering modern international banking practices.

• Edward III Default Crisis (1340s CE)

  Edward III of England defaults on massive debts, causing major European banking crisis and bankruptcies.

• Columbus Opens Americas Trade (October 12, 1492)

  Columbus's voyage opens the Americas to European trade and massive influx of precious metals.

• Spanish Price Revolution (c. 1500-1650 CE)

  Massive influx of American silver and gold causes widespread inflation across Europe.

• Potosí Silver Mine Opens (1545 CE)

  Discovery of massive silver deposits at Potosí becomes world's largest source of silver for global trade.

• Dutch East India Company IPO (March 20, 1602)

  Dutch East India Company becomes first publicly traded company with transferable shares and limited liability.

• Bank of Amsterdam Founded (January 31, 1609)

  Establishment of the Bank of Amsterdam as the first modern central bank with currency stability mandate.

• Dutch Tulip Mania (February 1637)

  First recorded speculative bubble and crash centered on tulip bulb prices in Dutch Republic.

• Swedish Banknotes Issued (1661 CE)

  Sweden issues first European banknotes backed by the state through Stockholms Banco.

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