December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Banking and finance
KEY EVENT
Kublai Khan adopts fiat money in the Mongol Empire during the 13th century.
BEFORE
3000 BCE In Mesopotamia the shekel is used as a unit of currency: a unit of barley of a certain weight equals a certain value of gold or silver.
700 BCE The oldest known coins are made on the Greek island of Aegina.
AFTER
13th century Marco Polo brings promissory notes from China to Europe, where they are used by Italian bankers.
1696 The Bank of Scotland is the first commercial operation to issue bank notes.
1971 President Nixon cancels the convertibility of the US dollar to gold.
In many parts of the world people are increasingly ...
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