What is the history of Western finance?
The history of Western finance traces its origins back to ancient Mesopotamia and Greece, where early forms of banking, credit, debt accounting, and coin money emerged to facilitate trade. During the Middle Ages and the Renaissance in Europe, commercial hubs like Florence, Venice, and Genoa pioneered sophisticated financial instruments such as bills of exchange, double-entry bookkeeping, and modern banking institutions like the Medici Bank. The establishment of the Bank of England in 1694 revolutionized public finance and central banking. Subsequent centuries witnessed the rise of global stock exchanges, joint-stock corporations, fiat monetary systems, investment banking dynasties, and modern digital financial networks, shaping the interconnected global economy of today.
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