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History of bankingFrom Wikipedia, the free encyclopedia

(Redirected from History of Banking)

The History of Banking begins with the first prototype banks of merchants in the ancient world, whichmade grain loans to farmers and traders who carried goods between cities. This began around 2000 BC

in Assyria and Babylonia. Later, in ancient Greece and during the Roman Empire, lenders based in

temples made loans and added two important innovations: they accepted deposits and changed money.

Archaeology from this period in ancient China and India also shows evidence of money lending activity.

Banking, in the modern sense of the word, can be traced to medieval and early Renaissance Italy, to the

rich cities in the north such as Florence, Venice and Genoa. The Bardi and Peruzzi families dominated

banking in 14th century Florence, establishing branches in many other parts of Europe.[1] Perhaps the

most famous Italian bank was the Medici bank, established by Giovanni Medici in 1397.[2]

The development of banking spread from northern Italy through Europe and a number of importantinnovations took place in Amsterdam during the Dutch Republic in the 16th century, and in London in

the 17th century. During the 20th century, developments in telecommunications and computing caused

major changes to banks' operations and let banks dramatically increase in size and geographic spread.

The financial crisis of 20072008 caused many bank failures, including some of the world's largest

banks, and provoked much debate about bank regulation.

Contents

1 Precedents1.1 Monetary1.2 Structural1.3 Mesopotamia

1.3.1 Temple1.3.2 Family

1.4 Egypt1.5 India1.6 China1.7 Greece

1.7.1 Money Changing

1.7.2 Palace and temple banking 1.7.3 non-temple and state banking1.7.4 Loans1.7.5 Metic class1.7.6 Banking locations1.7.7 Writings1.7.8 Asia Minor

1.8 Rome1.9 Monopolies

2 Religious restrictions on interest

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2.1 Judaism2.2 Christianity2.3 Islam

3 Medieval Europe3.1 Emergence of merchant banks3.2 Crusades3.3 Discounting of interest

3.4 Foreign exchange contracts3.5 Italian bankers3.6 Silver crisis

4 Expansion4.1 Italy4.2 Spain and the Ottoman Empire4.3 Emergence of the Court Jew4.4 to Germany and Poland4.5 Holland4.6 England

5 the 17th and 18th centuries

5.1 Goldsmiths of London

5.2 Debt as a new kind of money5.3 Development of central banking

5.3.1 Central banking in North America5.4 Royal banking5.5 Removal of religious restrictions on earning interest5.6 Europe5.7 People's banks

6 20th century6.1 1930s Great Depression6.2 Late-2000s financial crisis

7 Major events in banking history

8 See also9 References

9.1 Footnotes9.2 Citations

10 Sources11 Further reading

Precedents

Further information: Economic history of the world and History of economic thought

Monetary

The history of banking depends on the history of moneyand on grain-money and food cattle-money

used from at least 9000 BC, two of the earliest things understood as available to barter(Davies),[3][4]

Anatolian obsidian as a raw material for stone-age tools being distributed as early as 12,500 B.C., with

organized trade occurring in the 9th millennia.(Cauvin;Chataigner 1998)[5][6] In Sardinia one of the four




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main sites for sourcing the material deposits of obsidian within the Mediterranean, trade of this were

replaced in the 3rd millennia by trade in copper and silver. The society adapted from relating from one

fixed material as valued deposits available for trade to another.[7][8][9][10]

The possibility of stable economic relations was much improved with the change from the reliance on

hunting and gathering of foods to agricultural practice, during periods dated as beginning sometime after

12,000 BC, at approximately 10,000 years ago in the Fertile Crescent, in northern China about 9,500

years ago, about 5,500 years ago in Mexico and approximately 4,500 in the eastern parts of the

contemporary United States.[11][12][13]

Structural

By the fifth millennium B.C. the settlements of Sumer, such as Eridu, were formed around a central

temple.[14] In the fifth millennium, people began to build and live in the civilization of cities, providing a

structure for the construction of institutions and establishments.[15] Tell Brak and Uruk were two early

urban settlements.[16][17][18]

Mesopotamia

Banking as understood as in an archaic state (or quasi-banking [19][20]), is thought to have begun during a

period as early as the second part of the fourth millennia to as late as the third to second millennia BC.[21]

Some sources for a beginning time as within the 4th millennia are found in sources published in the year

2005 [22] and 1999,[23] in the 4th to 3rd millennia, 1996,[24] as the 3rd, based on depository activity in

temples (published during 1985 [25]) the 2nd (2009 [26]) or the 1st millennia, published during 1958.[27]

Certainly an individual [28][29] considered possibly active as a banker (explicitly so at least by Van De

Mieroop in WN Goetzmann[30]

and also byMoore, Lewis[31]

) was alive during the 18th century.

Temple

Prior to the reign of Sargon I of Akkad (2335-2280 [32]) the occurrence of trade was limited to the

internal boundaries of each city-state of Babylon and the temple located at the centre of economic

activity there-in; trade at the time for citizens external to the city was forbidden.[14][33][34]

In Babylonia of 2000, people depositing gold were required to pay amounts as much as one sixth of the

total deposited.[35] Both the palaces and temple are known to have provided lending and issuing from the

wealth they heldthe palaces to a lesser extent. Such loans typically involved issuing seed-grain, with

re-payment from the harvest. These basic social agreements were documented in clay tablets, [36] with an

agreement on interest accrual.[37] The habit of depositing and storing of wealth in temples continued at

least until 209 B.C., as evidenced by Antioch having ransacked or pillaged the temple of Aine in

Ecbatana (Media) of gold and silver.[38][39][40][41][42]




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Family

Cuneiform records of the house of Egibi of Babylonia describe the families financial activities dated as

having occurred sometime after 1000 BC and ending sometime during the reign of Darius I, show

according to one source a "lending house" (Silver 2002),a family engaging in "professional

banking..." (Dandamaev et al 2004) and economic activities similar to a degree to modern deposit

banking, although another states the families activities better described as entrepreneuship rather thanbanking (Wunsch 2007). The provision of credit is apparently also something the Murashu family

participated in (Moshenskyi 2008).[43][44][45][46][47][48][49][50][51][52]

Egypt

About the time of the 18th century BC amounts of gold were deposited within the boundaries of the

temple buildings of Egypt for reasons of security.[53]

In Egypt from early times, grain having an intrinsic value as food functioned, in addition to precious

metals, as money. The regional granaries were used to store and loan the grain of communities,

functions similar to banking services although not the same. Under the dynastic rule of the GreekPtolemies, the numerous scattered government granaries were transformed into a network of grain

banks, centralized in Alexandria where the main accounts from all the state granary banks were

recorded. This centralized administration was the first known governmental bank (according to de Soto),[54][55] functioning as a trade credit system that transferred payments between accounts without passing

money.

Documents made to show the banking of taxes were known as peptoken-records.[56]

The recording of the gathering of money to buy grain in pharaoh's kingdom as ordered by Joseph, is

written within Genesis of the Torah of the Holy Bible, and this money was placed within the House of

the pharaoh.[57] Joseph brought with the money of the pharaoh a large amount ofcorn, having this then

laid in the public granaries.[58]

India

Main article: History of Banking in India

In ancient India there is evidence of loans from the Vedic period (beginning 1750 BC).[59][60] Later

during the Maurya dynasty (321 to 185 BC), an instrument called adesha was in use, which was an order

on a banker desiring him to pay the money of the note to a third person, which corresponds to the

definition of a bill of exchange as we understand it today. During the Buddhist period, there wasconsiderable use of these instruments. Merchants in large towns gave letters of credit to one another.[61]

China

Main article: History of banking in China




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In ancient China, starting in the Qin Dynasty (221 to 206 BC), Chinese currency developed with the

introduction of standardized coins that allowed easier trade across China, and led to development of

letters of credit. These letters were issued by merchants who acted in ways that today we would

understand as banks.[62]

Greece

Main article: Economic history of Greece and the Greek world

Money Changing

Ancient Grecian bankers were in the first case moneychangers and pawnbrokers, present in the

marketplace or festival sites, changing coinage of foreign merchants into the local currency.[63]

Those thought the earliest places of storage were the money-boxes containments ([64])

made similar to the construction of a bee-hive,[65][66] as of the Mycenae tombs of 1550-1500 BC.[67][68][69][70][71]

Palace and temple banking

Private and civic entities within ancient Grecian society; especially Greek temples (Gilbart p. 3) [72]

performed financial transactions. These consisted of deposits, currency exchange, validation of coinage,

and loans.[73] The temples were the places where treasure was deposited for safe-keeping.[4][74] The three

temples thought the most important were the temple to Artemis in Ephesus, and temple of Hera within

Samos and within Delphi, the temple to Apollo.[4]

The first treasury to the Apollonian temple was built before the end of the 7th century BC, [75][76] a

treasury of the temple was constructed by the city of Siphnos during the 6th century.[77] The task ofkeeping the deposited wealth provided to the temple of Asklepios were allotted often to the neokoros or

zakoros; or at Kos the hierophylakes, who were also the mnemones or record keepers of such exchanges.[78][79]

Before the destruction by Persians during the 480 invasion the Athenian Acropolis temple dedicated to

Athena stored money; Pericles rebuilt a depository afterward contained within the Parthenon.[80] Athens

received the Delian leagues treasury during 454.[81] The city-states of Greece after the Persian Wars in

323 produced a government and culture sufficiently organized for the birth of a private citizenship and

therefore an embryonic capitalist society, allowing for the separation of wealth from exclusive state

ownership to the possibility of ownership by the individual.

[82][83]

non-temple and state banking

During the reign of the Ptolemies state depositories replaced temples as the location of security-deposits,[84] records exist to show this having occurred by the end of the reign of Ptolemy I (305-284).[85][86][87]

The first person to have participated in ancient society to some degree as a banker was named

Philostephanos (of Corinth).[88]




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Loans

Many loans are recorded in writings from the classical age, although a very small proportion were

provided by banks. Provision of these were likely an occurrence of Athens,[89] with loans known to have

been provided at some time at an annual interest of 12%.[90] Within the boundaries of Athens, bankers

loans are recorded as having been issued on eleven occasions altogether (Bogaert 1968). [91]

A loan was made by a Temple of Athens to the state during 433-427 BCE.[92]

Metic class

Many early bankers in Greek city-states belonged to the metic classification of citizenship.[93][94] A slave

named Pasion, for a time owned by Archestratos and Antisthenes who were partners of a banking firm in

Peiraieus, was at some time Athens' most important banker. Having gained relative freedom to the metic

class he was subsequently involved in banking from 394 BC, a business inherited by his slave named

Phormio.[74][95][96][97][98]

Banking locations

As the need for new buildings to house operations increased, construction of these places within the

cities began around the courtyards of the agora (markets).[99]

In the late 3rd and 2nd century BC, the Aegean island of Delos, became a prominent banking center.[100]

During the 2nd century, there were for certain three banks and one temple depository within the city.[101]

Thirty five Hellenistic cities included private banks during the 2nd century (Roberts - p. 130).[101]

Of the settlements of the Greco-Roman world of the 1st century AD, three were of pronounced wealthand centres of banking, Athens, Corinth and Patras.[102][103][104][105][106]

Writings

Trapezitica is the first source documenting banking (de Soto - p. 41).[4] The speeches of Demosthenes

contain numerous references to the issuing of credit (Millett p. 5).[91] Xenophon is credited to have made

the first suggestion of the creation of an organisation known in the modern definition as a joint-stock

bank in On Revenues written circa 353 B.C.[72][107]

Asia Minor

Main article: Asia Minor

From the fourth millennia previously agricultural settlements began administrative activities.[108][109][110][111]




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Gold coin produced by

the Roman Imperial Mint

The temple of Artemis at Ephesus was the largest depository of Asia.[112][113][114][115] A pot-hoard dated

to 600 B.C. was found in excavations by the British Museum during the year after 1904.[116] During the

time at the cessation of the first Mithridatic war the entire debt record at the time being held, was

annulled by the council.[112][117] Mark Anthony is recorded to have stolen from the deposits on an

occasion.[112] The temple served as a depository for Aristotle, Caesar, Dio

Chrysostomus,Plautus,Plutarch,Strabo and Xenophon.[118]

The temple to Apollo in Didyma was constructed sometime in the 6th century. A large sum of gold was

deposited within the treasury at the time by king Croesus.[119][120]

Rome

The Roman Empire inherited the spirit of capitalism from Greece (Parker).[82] During the time of the Empire, public deposits gradually ceased to be

held in temples, and instead were held in private depositories.[84]

The earliest recorded evidence showing banking practices is given by one

source as during 325 BC. On account of being in debt, the Plebians wererequired to borrow money. At that time newly appointed quinqueviri

mensarii were commissioned to provide services to those that had security

to provide in exchange for money from the public treasury.[121] Another

source has the shops of banking of Ancient Rome firstly opening in the

public forums during the period 318 to 310 BC.[122]

In early Ancient Rome deposit bankers were known as argentarius and at a later time (from the 2nd

century anno domini onward) as nummularius (Andreau 1999 p. 2)[122] or mensarii.[121] The banking-

houses were known as Taberae Argentarioe andMensoe Numularioe.[72]

Bankers operated from either appointment by the government therefore tasked with collecting taxes, or

were instead independent and practicing banking for individual ends.[72] Statutes (AD 125/126) of the

Empire described "letter fromCaesar to Quietus" show rental monies to be collected from persons using

land belonging to a temple and given to the temple treasurer, as decreed by Mettius Modestus governor

of Lycia and Pamphylia.[123][124]

Money-lenders would set up their stalls in the middle of enclosed courtyards called macella on a long

bench called a bancu, from which the words banco and bankare derived. As a moneychanger, the

merchant at the bancu did not so much invest money as merely convert the foreign currency into the

only legal tender in Rome that of the Imperial Mint.[125]

The Roman empire at some time formalized the administrative aspect of banking and instituted greater

regulation of financial institutions and financial practices. Charging interest on loans and paying interest

on deposits became more highly developed and competitive. The development of Roman banks was

limited, however, by the Roman preference for cash transactions. During the reign of the Roman

emperor Gallienus (AD 260268), there was a temporary breakdown of the Roman banking system after

the banks rejected the flakes of copper produced by his mints. With the ascent of Christianity, banking




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became subject to additional restrictions, as the charging of interest was seen as immoral. After the fall

of Rome, banking temporarily ended in Europe and was not revived until the time of the crusades.[citation needed]

Monopolies

In the 4th century monopolies existed in Byzantium and in the city of Olbia in Sardinia.[126][127]

Religious restrictions on interest

Most early religious systems in the ancient Near East, and the secular codes arising from them, did not

forbid usury. These societies regarded inanimate matter as alive, like plants, animals and people, and

capable of reproducing itself. Hence if you lent 'food money', or monetary tokens of any kind, it was

legitimate to charge interest.[128] Food money in the shape of olives, dates, seeds or animals was lent out

as early as c. 5000 BCE, if not earlier. Among the Mesopotamians, Hittites, Phoenicians and Egyptians,

interest was legal and often fixed by the state.[129]

Judaism

Main articles: Loans and interest in Judaism and Jewish views of poverty, wealth and charity

The Torah and later sections of the Hebrew Bible criticize interest-taking, but interpretations of the

Biblical prohibition vary. One common understanding is that Jews are forbidden to charge interest upon

loans made to other Jews, but obliged to charge interest on transactions with non-Jews, or Gentiles.

However, the Hebrew Bible itself gives numerous examples where this provision was evaded.

Deuteronomy 23:19 Thou shalt not lend upon interest to thy brother: interest of money,

interest of victuals, interest of any thing that is lent upon interest. Deuteronomy 23:20 Untoa foreigner thou mayest lend upon interest; but unto thy brother thou shalt not lend uponinterest; that the LORD thy God may bless thee in all that thou puttest thy hand unto, in the

land whither thou goest in to possess it.[130]

Israelites were forbidden to charge interest on loans made to

other Israelites, but allowed to charge interest on transactions

with non-Israelites, as the latter were often amongst the Israelites

for the purpose of business anyway, but in general, it was seen as

advantageous to avoid debt at all, to avoid being bound to

someone else. Debt was to be avoided and not used to finance

consumption, but only when in need. However, laws againstusury were among many the prophets condemn the people for

breaking.[132]

It was the interpretation that interest could be charged to non-

israelites that would be used in the 14th century for Jews living

within Christian societies in Europe to justify lending money for

profit. As this conveniently side stepped the rules against usury




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Christ drives the Usurers out of the

Temple, a woodcut by Lucas Cranach

the Elder in Passionary of Christ and

Antichrist.[131]

in both Judaism and Christianity as the Jews could lend to the

Christians as they are not israelites and the Christians were not

involved in the lending but were still free to take the loans.

Christianity

Main article: Usury

Originally, the charging of interest known as usury was banned by Christian churches meaning the

charging of interest at any rate was banned. This included charging a fee for the use of money, such as at

a bureau de change. However over time the charging of interest became acceptable, the term came to be

used for interest above the rate allowed by law.[citation needed]

The rise of Protestantism in the 18th century weakened Romes dictates against usury that would free up

the development of banking in Northern Europe.

Islam

Main article: Riba

In Islam it is strictly prohibited to take interest; the Quran strictly prohibits lending money on Interest.

"O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may

be successful" (3:130) "and Allah has permitted trade and has forbidden interest" (2:275).

Riba (usury)) is forbidden in Islamic economic jurisprudence fiqh. Islamic jurists discuss two types of

riba: an increase in capital with no services provided, which the Qur'an prohibitsand commodity

exchanges in unequal quantities, which the Sunnah prohibits; trade in promissory notes (e.g. fiat money

and derivatives) is forbidden.

Despite the prohibition of charging interest, during the 20th century a number of developments took

place that would lead to an islamic banking model where no interest is charged but banks would still

operate for profit. This would be done through charging for loans in different ways such as through fees

and using method of risk sharing and different ownership models such as leasing.

Medieval Europe

Banking, in the modern sense of the word, is traceable to medieval and early Renaissance Italy, to rich

cities in the centre-north such as Florence, Venice, and Genoa.

Emergence of merchant banks

Main article: Merchant bank

The original banks were "merchant banks" that Italian grain merchants first invented in the Middle

Ages. As Lombardy merchants and bankers grew in stature based on the strength of the Lombard plains

cereal crops, many displaced Jews fleeing Spanish persecution were attracted to the trade. They brought

with them ancient practices from the Middle and Far East silk routes. Originally intended to finance long

trading journeys, they applied these methods to finance grain production and trading.




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Map showing silk routes

Jews could not hold land in Italy, so they entered the great

trading piazzas and halls of Lombardy, alongside local traders,

and set up their benches to trade in crops. They had one great

advantage over the locals. Christians were strictly forbidden the

sin of usury, defined as lending at interest (Islam makes similar

condemnations of usury). The Jewish newcomers, on the other

hand, could lend to farmers against crops in the field, a high-riskloan at what would have been considered usurious rates by the

Church; but the Jews were not subject to the Church's dictates.[citation needed] In this way they could secure the grain-sale rights

against the eventual harvest. They then began to advance

payment against the future delivery of grain shipped to distant

ports. In both cases they made their profit from the present

discount against the future price. This two-handed trade was time-consuming and soon there arose a

class of merchants who were trading grain debt instead of grain.

The Jewish trader performed both financing (credit) and underwriting (insurance) functions. Financing

took the form of a crop loan at the beginning of the growing season, which allowed a farmer to developand manufacture (through seeding, growing, weeding, and harvesting) his annual crop. Underwriting in

the form of a crop, or commodity, insurance guaranteed the delivery of the crop to its buyer, typically a

merchant wholesaler. In addition, traders performed the merchant function by making arrangements to

supply the buyer of the crop through alternative sourcesgrain stores or alternate markets, for

instancein the event of crop failure. He could also keep the farmer (or other commodity producer) in

business during a drought or other crop failure, through the issuance of a crop (or commodity) insurance

against the hazard of failure of his crop.

Merchant banking progressed from financing trade on one's own behalf to settling trades for others and

then to holding deposits for settlement of "billette" or notes written by the people who were still

brokering the actual grain. And so the merchant's "benches" (bankis derived from the Italian for bench,banca, as in a counter) in the great grain markets became centers for holding money against a bill

(billette, a note, a letter of formal exchange, later a bill of exchange and later still a cheque).

These deposited funds were intended to be held for the settlement of grain trades, but often were used

for the bench's own trades in the meantime. The term bankrupt is a corruption of the Italian banca rotta,

or broken bench, which is what happened when someone lost his traders' deposits. Being "broke" has the

same connotation.

Crusades

In the 12th century, the need to transfer large sums of money to finance the Crusades stimulated the re-

emergence of banking in western Europe. In 1162, Henry II of England levied a tax to support the

crusadesthe first of a series of taxes levied by Henry over the years with the same objective. The

Templars and Hospitallers acted as Henry's bankers in the Holy Land. The Templars' wide flung, large

land holdings across Europe also emerged in the 11001300 time frame as the beginning of Europe-

wide banking, as their practice was to take in local currency, for which a demand note would be given

that would be good at any of their castles across Europe, allowing movement of money without the usual

risk of robbery while traveling.




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Adhemar de Monteil in chain mail

carrying the Holy Lance in one of the

battles of the First Crusade

Discounting of interest

A sensible manner of discounting interest to the depositors

against what could be earned by employing their money in the

trade of the bench soon developed; in short, selling an "interest"

to them in a specific trade, thus overcoming the usury objection.

Once again this merely developed what was an ancient methodof financing long-distance transport of goods. Medieval trade

fairs, such as the one in Hamburg, contributed to the growth of

banking in a curious way: moneychangers issued documents

redeemable at other fairs, in exchange for hard currency. These

documents could be cashed at another fair in a different country

or at a future fair in the same location. If redeemable at a future

date, they would often be discounted by an amount comparable

to a rate of interest. Eventually, these documents evolved into

bills of exchange, which could be redeemed at any office of the

issuing banker. These bills made it possible to transfer large

sums of money without the complications of hauling large chestsof gold and hiring armed guards to protect the gold from thieves.

Foreign exchange contracts

In 1156, in Genoa, occurred the earliest known foreign exchange contract. Two brothers borrowed 115

Genoese pounds and agreed to reimburse the bank's agents in Constantinople the sum of 460 bezants one

month after their arrival in that city. In the following century the use of such contracts grew rapidly,

particularly since profits from time differences were seen as not infringing canon laws against usury.

Italian bankers

The first bank to be established was established in Venice with guarantee from the State in 1157.[72][133][134] According to Macardy this was due to the commercial agency of the Venetians, acting in the

interest of the Crusaders of Pope Urban the Second.[135][136] The reason is given elsewhere as due to

costs of the expansion of the empire of Duke Vital Mitchel II, and to relieve the subsequent financial

burden on the republic [72] "a forced loan" was made necessary. To this end the Chamber of Loans, was

created to manage the affairs of the forced loan, as to the loans repayment at four percent interest. [57]

Changes in the enterprises of the Chamber, firstly by the commencing of use of discounting [137]

exchanges and later by the receipt of deposits,[138] there developed the functioning of the organisation

into The Bank of Venice, with an initial capital of 5,000,000 ducats.[139] In any case, banking practice

proper began in the mid-parts of the 12th century,[140] and continued until the bank was caused to cease

to operate during the French invasion of 1797. The bank was the first national bank to have been

established within the boundaries of Europe.[57]

There were banking failures from 1255-62.[141]




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Coat of arms for the Medici family

In the middle of the 13th century, groups of Italian Christians, particularly the Cahorsins and Lombards,

invented legal fictions to get around the ban on Christian usury;[142] for example, one method of

effecting a loan with interest was to offer money without interest, but also require that the loan is insured

against possible loss or injury, and/or delays in repayment (see contractum trinius).[142] The Christians

effecting these legal fictions became known as thepope's usurers, and reduced the importance of the

Jews to European monarchs;[142] later, in the Middle Ages, a distinction evolved between things that

were consumable (such as food and fuel) and those that were not, with usury permitted on loans thatinvolved the latter.[142]

Florence inhabited the most powerful of families engaged in

banking. Amongst all of these including the Acciaiuoli and

Mozzi,[143] the Bardi and Peruzzi families perhaps dominated,

establishing branches in many other parts of Europe.[1] Probably

the most famous Italian bank was the Medici bank, set up by

Giovanni di Bicci de' Medici in 1397 [2] and continuing until

1494.[144] (Banca Monte dei Paschi di Siena SPA (MPS) Italy, is

in fact the oldest banking organisation to have surviving banking

-operations, or services).

It was the Italian bankers that would take their place and by

1327, Avignon had 43 branches of Italian banking houses. In

1347, Edward III of England defaulted on loans. Later there was

the bankruptcy of the Bardi (1343 [143]) and Peruzzi (1346 [143]).

The accompanying growth of Italian banking in France was the

start of the Lombard moneychangers in Europe, who moved

from city to city along the busy pilgrim routes important for

trade. Key cities in this period were Cahors, the birthplace of

Pope John XXII, and Figeac.

By the later Middle Ages, Christian Merchants who lent money with

interest were without opposition, and the Jews lost their privileged

position as money-lenders;[142]

After 1400, political forces did, in fact, somewhat turn against the

methods of the Italian free enterprise bankers, In 1401 King Martin

I of Aragon had some of these bankers expelled. In 1403, Henry IV

of England prohibited them from taking profits in any way in his

kingdom. In 1409, Flanders imprisoned and then expelled Genoese

bankers. In 1410, all Italian merchants were expelled from Paris. In1407, the Bank of Saint George,[139] the first state-bank of deposit,[100][145] was founded in Genoa and was to dominate business in the

Mediterranean.[100]




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Of Usury, from Brant's Stultifera

Navis (the Ship of Fools);

woodcut attributed to Albrecht

Drer

Silver crisis

By the 1390s silver was in short supply all over Europe, except in

Venice. The silver mines at Kutn Hora had begun to decline in the

1370s, and finally closed down after being sacked by King

Sigismund in 1422. By 1450 almost all of the mints of northwest

Europe had closed down for lack of silver. The last money-changer in the major French port of Dieppewent out of business in 1446. In 1455 the Turks overran the Serbian silver mines, and in 1460 captured

the last Bosnian mine. As currency became scarce, several Venetian banks failed as did the Strozzi bank

of Florence, the second largest in the city.

Expansion

During this time Geneva is (according to one source) the most important and active in banking within

the central Europe region.[146]

Italy

In the times between 1527 - 1572 the Genoese people produced a number of important banking family

groups, the Grimaldi, Spinola and Pallavicino families were especially influential and wealthy, also the

Doria, although perhaps less influential, and the Pinelli and the Lomellini.[147][148]

Spain and the Ottoman Empire

In 1401 the magistrates of Barcelona established in the city the first replication of the Venetian model of

exchange and deposit, Taula de Canvi - the Table of Exchange.[139][149]

Halil nalcik suggests that, in the 16th century, Marrano Jews (Doa Gracia from House of Mendes)fleeing from Iberia introduced the techniques of European capitalism, banking and even the mercantilist

concept of state economy to the Ottoman empire.[150] In the 16th century, the leading financiers in

Istanbul were Greeks and Jews. Many of the Jewish financiers were Marranos who had fled from Iberia

during the period leading up to the expulsion of Jews from Spain. Some of these families brought great

fortunes with them.[151] The most notable of the Jewish banking families in the 16th century Ottoman

Empire was the Marrano banking house of Mendes, which moved to Istanbul in 1552, under the

protection of Sultan Suleyman the Magnificent. When Alvaro Mendes arrived in Istanbul in 1588, he is

reported to have brought with him 85,000 gold ducats.[152] The Mends family soon acquired a

dominating position in the state finances of the Ottoman Empire and in commerce with Europe.[153]

They thrived in Baghdad during the 18th and 19th centuries under Ottoman rule, performing critical

commercial functions such as moneylending and banking.[154] Like the Armenians, the Jews could

engage in necessary commercial activities, such as moneylending and banking, that were proscribed for

Moslems under Islamic law.

Emergence of the Court Jew

Main article: Court Jew




14/34

Johann Berenberg of the Berenberg

banking dynasty

A painting of the old town hall in

Amsterdam where the bank was

founded in 1609.

Court Jews were Jewish bankers or businessmen who lent money and handled the finances of some of

the Christian European noble houses, primarily in the 17th and 18th centuries.[155] Court Jews were

precursors to the modern financier or Secretary of the Treasury.[155] Their jobs included raising revenues

by tax farming, negotiating loans, master of the mint, creating new sources for revenue,floating

debentures, devising new taxes. and supplying the military.[155][156] In addition, the Court Jew acted as

personal bankers for nobility: he raised money to cover the noble's personal diplomacy and his

extravagances.[156]

Court Jews were skilled administrators and businessmen who received privileges in return for their

services. They were most commonly found in Germany, Holland, and Austria, but also in Denmark,

England, Hungary, Italy, Poland, Lithuania, Portugal, and Spain.[157][158] According to Dimont, virtually

every duchy, principality, and palatinate in the Holy Roman Empire had a Court Jew.[155]

to Germany and Poland

In the southern German realm, two great banking families

emerged in the 15th century, the Fuggers and the Welsers. They

came to control much of the European economy and to dominate

international high finance in the 16th century.[159][160][161]

Dutch bankers played a central role in establishing banking in the

Northern German city states. Berenberg Bank is the oldest

private bank in Germany, established in 1590 by Dutch brothers,

Hans and Paul Berenberg in Hamburg. The bank is still owned

by the Berenberg dynasty.[162]

Holland

Further information: Financial history of the Dutch Republic

Throughout 17th century, precious metals from the New World,

Japan and other locales have been channeled into Europe, with

corresponding price increases. Thanks to the free coinage, the

Bank of Amsterdam, and the heightened trade and commerce,

Netherlands attracted even more coin and bullion. These

concepts of Fractional-reserve banking and payment systems

went on and spread to England and elsewhere.[163]

England

Further information: Banking in the United Kingdom

In the City of London there weren't any banking houses

operating in a manner recognized as so today until the 17th

century, [164][165] although the London Royal Exchange was established in 1565.




15/34

the 17th and 18th centuries

By the end of the 16th century and during the 17th, the traditional banking functions of accepting

deposits, moneylending, money changing, and transferring funds were combined with the issuance of

bank debt that served as a substitute for gold and silver coins.

New banking practices promoted commercial and industrial growth by providing a safe and convenientmeans of payment and a money supply more responsive to commercial needs, as well as by

"discounting" business debt. By the end of the 17th century, banking was also becoming important for

the funding requirements of the relatively new and combative European states. This would lead on to

government regulations and the first central banks. The success of the new banking techniques and

practices in Amsterdam and also the thriving trade city of Antwerp help spread the concepts and ideas to

London and helped the developments elsewhere in Europe.

Goldsmiths of London

See also: History of Goldsmiths University, London and Goldsmith

The main developers of banking in London were the goldsmiths, who transformed from simple artisans

to becoming depositories of gold and silver holdings. Events such at the appropriation of 200,000 of

private money by King Charles I from the royal mint, in 1640 caused merchants to lose trust in the

existing institutions and drive them to find more trusted alternatives such as the goldsmiths.

Goldsmiths soon found themselves with money they had no immediate use for, and they began to lend it

out at interest to merchants and the government. Finding substantial profit in this business, they began to

solicit deposits and pay interest on them. The goldsmiths eventually discovered that the deposit receipts

they provided were passing from person to person in lieu of payment in coin. This prompted them to

begin lending paper receipts rather than coins. By promoting acceptance of the receipts as a means of

payment, the goldsmiths discovered they could lend more than the gold and silver coin they had on

hand, a practice that became known as fractional-reserve banking.[166]

Debt as a new kind of money

These practices created a new kind of "money" that was actually debt, that is, goldsmiths' debt rather

than silver or gold coin, a commodity that had been regulated and controlled by the monarchy. This

development required the acceptance in trade of the goldsmiths' promissory notes, payable on demand.

Acceptance in turn required a general belief that coin would be available; and a fractional reserve

normally served this purpose. Acceptance also required that the holders of debt be able legally to

enforce an unconditional right to payment; it required that the notes (as well as drafts) be negotiableinstruments. The concept of negotiability had emerged in fits and starts in European money markets, but

it was well developed by the 17th century. Nevertheless, an act of Parliament was required in the early

18th century (1704) to overrule court decisions holding that the gold smiths notes, despite the "customs

of merchants", were not negotiable.[166]




16/34

The sealing of the Bank of England

Charter (1694)

Meanwhile, the credit of the British Crown had been diminished

by default in 1672. The monarchy's urgent need for funds at rates

lower than those charged by the goldsmiths, and the example of

the public Bank of Amsterdam, which had been able to make an

ample supply of credit available at low interest rates, led in 1694

to the establishment of the Bank of England. The Bank of

England succeeded in raising money for the government atrelatively low rates.

Development of central banking

Further information: Central bank

The Bank of Amsterdam became a model for the functioning of a

bank in the capacity of monetary exchange and started the development of central banks.[167] The first

such bank was the Sveriges Riksbank, established in 1668. [168] This was followed by the Bank of

England which was established in 1694 and was initially founded specifically to assist the English

government in funding the continued war against France.[169][170][171][172]

However it was during the 18th century that important developments occurred that led to development

in the role of central banks. In London the Bank of England had a monopoly over corporate banking,

and even large partnerships were prohibited. But private banks, though relatively small, personal

enterprises, continued to find profitable business in discounting merchants' bills. In the latter half of the

century small banks in country towns grew rapidly in number and needed "correspondent" banks in

London with which they could deposit and invest funds. The London banks in turn settled accounts in

Bank of England notes, and by the end of the century many kept their own deposit accounts with the

Bank of England.[166]

Central banking in North America

Main article: History of central banking in the United States

The administration of the government of the State of Massachusetts issued the first bill of credit in the

history of America in 1690. In 1784 John Colman proposed the idea of bank that would issue paper but

this is as far as the "Colman bank" concept went. The Bank of North America was established in 1784

and started developments that led to a national banking system.[173][174][175][176][177]

There was opposition to the creation of a central bank in the United States when the United States was

first founded. But the First Bank of the United States was founded in 1791, however its charter was left

to expire in 1811 because of the on-going disagreements. A second attempt was made with the

establishment of Second Bank of the United States in 1816, again its charter was not renewed in 1836. It

was only in 1913 with the creation of the Federal Reserve System that a de facto central bank was

created in the United States.




17/34

Map showing the Louisiana Purchase

of 1803

Royal banking

During the 13th century and early 14th both the French and English monarchies were still using temple

banking.[178][179] Early in the reign of King George III, sometime in the 18th century, the English

monarchy began to bank with a private bank known as Coutts.[180][181][182][183] The French kings were

using banking houses of Geneva sometime after the beginning of the French Revolution in 1789, a

process of transition with a footing sometime during 1713.[184][185]

Removal of religious restrictions on earning interest

The rise of Protestantism freed many European Christians from

Rome's dictates against usury. In the late 18th century, Protestant

merchant families began to move into banking, especially in

trading countries such as the United Kingdom (Barings),

Germany (Schroders) and the Netherlands (Hope & Co.) At the

same time, new types of financial activities broadened the scope

of banking far beyond its origins. The merchant-banking families

dealt in everything from underwriting bonds to originating

foreign loans. For instance, bullion trading and bond issuance

were two of the specialties of the Rothschilds. In 1803, Barings

teamed with Hope & Co. to facilitate the Louisiana Purchase.

Europe

Rothschild family banking businesses pioneered international high finance during the industrialisation of

Europe and were instrumental in supporting railway systems across the world and in complex

government financing for projects such as the Suez Canal. The family bought up a large proportion of

the property in Mayfair, London. Major businesses directly founded by Rothschild family capitalinclude Alliance Assurance (1824) (now Royal & SunAlliance); Chemin de Fer du Nord (1845); Rio

Tinto Group (1873); Socit Le Nickel (1880) (now Eramet); and Imtal (1962) (now Imerys). The

Rothschilds financed the founding of De Beers, as well as Cecil Rhodes on his expeditions in Africa and

the creation of the colony of Rhodesia. From the late 1880s onwards, the family controlled the Rio Tinto

mining company.[186]

The Japanese government approached the London and Paris families for funding during the Russo-

Japanese War. The London consortium's issue of Japanese war bonds would total 11.5 million (at 1907

currency rates).[187]

People's banks

In the 1850s a number of social reformers starting looking at needs the needs of poor and rural

communities for credit and banking facilities. The traditional banks viewed these communities as

unbankable because of very small, seasonal flows of cash and very limited human resources. In

Germany Franz Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen developed cooperative

banking model that started the credit union movement. In the history of credit unions the concepts of

cooperative banking spread through northern europe and onto the US at the turn of the 20th century

under a wide range of different names.




18/34

J.P. Morgan established J.P. Morgan

& Co. as one of the worlds majorbanks by the end of the 19th century

Crowd at New York's American

Union Bank during a bank run early

in the Great Depression.

Senator Carter Glass and Henry B.

Steagall (1933)

20th century

The first decade of the 20th century saw the Panic of 1907 in the

US, which led to numerous runs on banks and became known as

the bankers panic.

1930s Great Depression

During the Crash of 1929 preceding the Great Depression,

margin requirements were only 10%.[188] Brokerage firms, in

other words, would lend $9 for every $1 an investor had

deposited. When the market fell, brokers called in these loans,

which could not be paid back. Banks began to fail as debtors

defaulted on debt and depositors attempted to withdraw their

deposits en masse, triggering multiple bank runs. Government

guarantees and Federal Reserve banking regulations to prevent

such panics were ineffective or not used. Bank failures led to theloss of billions of dollars in assets.[189] Outstanding debts became

heavier, because prices and incomes fell by 2050% but the

debts remained at the same dollar amount. After the panic of

1929, and during the first 10 months of 1930, 744 US banks

failed. By April 1933, around $7 billion in deposits had been

frozen in failed banks or those left unlicensed after the March

Bank Holiday.[190]

Bank failures snowballed as desperate bankers called in loans

that borrowers did not have time or money to repay. With future

profits looking poor, capital investment and construction slowedor completely ceased. In the face of bad loans and worsening

future prospects, the surviving banks became even more

conservative in their lending.[189] Banks built up their capital

reserves and made fewer loans, which intensified deflationary

pressures. A vicious cycle developed and the downward spiral

accelerated. In all, over 9,000 banks failed during the 1930s.

In response, many countries significantly increased financial

regulation. The U.S. established the Securities and Exchange

Commission in 1933, and passed the GlassSteagall Act, which

separated investment banking and commercial banking. This wasto avoid more risky investment banking activities from ever

again causing commercial bank failures.

Late-2000s financial crisis

The Late-2000s financial crisis caused significant stress on banks

around the world. The failure of a large number of major banks resulted in government bail-outs. The

collapse and fire sale of Bear Stearns to JP Morgan Chase in March 2008 and the collapse of Lehman




19/34

2007 bank run on Northern Rock, a

UK bank

Brothers in September that same year led to a credit crunch and

global banking crises. In response governments around the world

bailed-out, nationalised or arranged fire sales for a large number

of major banks. Starting with the Irish government on 29

September 2008,[191] governments around the world provided

wholesale guarantees to underwriting banks to avoid panic of

systemic failure to the whole banking system. These eventsspawned the term 'too big to fail' and resulted in a lot of

discussion about the moral hazard of these actions.

Major events in banking history

11001300 The Knights Templar ran the earliest Euro-wide/Mideast banking.

1397-1494 - The Medici Bank of Florence, Italy.15421551 The Great Debasement refers to the reigns of English kings Henry VIII and EdwardVI.

1553 The first joint-stock company, the Company of Merchant Adventurers to New Lands waschartered in London.

1602 The Amsterdam Stock Exchange was established by the Dutch East India Company fordealings in its printed stocks and bonds.

1609 The Amsterdamsche Wisselbank (Amsterdam Exchange Bank) was founded.1656 - The first European bank to use banknotes opened in Sweden for private clientele; in 1668

the institution converted to a public bank.[192][193][194]

1690s The Massachusetts Bay Colony was the first of the Thirteen Colonies to issuepermanently circulating banknotes.

1694 The Bank of England founded to supply money to the crown.1695 The Parliament of Scotland created the Bank of Scotland.

1716 John Law opened the Banque Gnrale 1717 Master of the Royal Mint Sir Isaac Newton established a new mint ratio between silverand gold that had the effect of driving silver out of circulation (bimetalism)and putting Britain ona gold standard.

1720 The South Sea Bubble and John Law's Mississippi Scheme, which caused a Europeanfinancial crisis and forced many bankers out of business.

1775 The first building society, Ketley's Building Society was established in Birmingham,England.

1782 The Bank of North America opened.[195]1791 The First Bank of the United States was chartered by the United States Congress for 20years.

1800 The Jewish Rothschild family establishes Euro-wide banking.

1800 - On January 18 Napoleon Bonaparte founded the Bank of France.[196][197]1816 The Second Bank of the United States was chartered five years after the First Bank of theUnited States lost its charter, also for 20 years; the bank was created to finance the country in theaftermath of the War of 1812.

1817 - The New York Stock and Exchange Board was established.[195]

1818 - The first savings bank of Paris.[197]1862 To finance the American Civil War, the federal government under U.S. President AbrahamLincoln issued a legal tender paper money called "greenbacks".

1870 - The Deutsche Bank was founded.[197]




20/34

1874 The Specie Payment Resumption Act provided for the redemption of United States papercurrency ("greenbacks"), in gold beginning in 1879.

1913 The Federal Reserve Act created the Federal Reserve System, the central banking systemof the United States, and granted it the legal authority to issue legal tender.

193033 In the wake of the Wall Street Crash of 1929, 9,000 banks close, wiping out a third of

the money supply in the United States.[198]

1933 Executive Order 6102 signed by U.S. President Franklin D. Roosevelt forbade ownership

of gold coin, gold bullion, and gold certificates by U.S. citizens beyond a certain amount,effectively ending the convertibility of US dollars into gold.

1971 The Nixon Shock was a series of economic measures taken by U.S. President RichardNixon which canceled the direct convertibility of the United States dollar to gold by foreignnations. This essentially ended the existing Bretton Woods system of international financialexchange.

1986 The "Big Bang" (deregulation of London financial markets) served as a catalyst to reaffirmLondon's position as a global centre of world banking.

2007 Start of the Late-2000s financial crisis that saw the a credit crunch that led to the failureand bail-out of a large number of the worlds biggest banks.

2008 Washington Mutual collapses, the largest bank failure in history.

See also

History of the chequeList of recessionsOnline bankingSubprime mortgage crisisEarly Canadian banking system

References

Footnotes

Citations

^ ab Hoggson, N. F. (1926) Banking Through the Ages, New York, Dodd, Mead & Company.1.

^ ab Goldthwaite, R. A. (1995) Banks, Places and Entrepreneurs in Renaissance Florence, Aldershot,Hampshire, Great Britain, Variorum

2.

^ G Davies, J H Bank - A history of money: from ancient times to the present day(http://books.google.co.uk/books?ei=EUy1T8i9Ks608QPpqtTSAg&id=Yx68AAAAIAAJ&dq=Glyn+Davies+History+of+Money&q=)University of Wales Press, 2002 - Retrieved 2012-05-17

3.

^ abcdJ Huerta de Soto - 1998 (translated by M.A.Stroup 2012).Money, Bank Credit, and Economic Cycles(http://books.google.co.uk/books?id=AJLGKdOZneMC&pg=PA51&dq=History+of+banking+in+Egypt&hl=en&sa=X&ei=RJHIT57KOoe_820of%20banking%20in%20Egypt&f=false). Ludwig von Mises Institute. ISBN 1610161890. Retrieved 2012-06-15.

4.

^ Volume 3 of Proceedings of the 6th International Congress of the Archaeology of the Ancient Near East: 510 May 2009 6 ICAANE (http://books.google.co.uk/books?id=Vzs8bFFnVeoC&pg=PA305&dq=earliest+obsidian+trading&hl=en&sa=X&ei=xrLTT5XKLLOY1AWIl20obsidian%20trading&f=false) Licia Romano Otto Harrassowitz Verlag, 2010 ISBN 3447062177 Retrieved2012-06-09

5.




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^ A. M. Pollard, Carl Heron.Archaeological Chemistry (http://books.google.co.uk/books?id=CT_FWEfanCIC&pg=PA91&dq=history+of+obsidian&hl=en&sa=X&ei=sHvnT-u9FIXi8AP3g9HcCg&redir_esc=y#v=onepage&q=history%20of%20obsidian&f=false). Royal Society ofChemistry, 22 Apr 2008. ISBN 0854042628. Retrieved 2012-06-24.

6.

^ N H Demand The Mediterranean Context of Early Greek History (http://books.google.fr/books?id=zOH_M00NZRIC&pg=PA53&dq=obsidian+trade&hl=fr&sa=X&ei=up7TT9mfEMnK0QWchLGFBA&v20trade&f=false) John Wiley & Sons 2012 - Retrieved 2012-06-09

7.

^ secondary- [1] (http://books.google.fr/books?

id=AR1ZZO6niVIC&pg=PA164&dq=obsidian+trade&hl=fr&sa=X&ei=HZjTT83JIMXV0QXhhumBBA&v20trade&f=false) + [2] (https://docs.google.com/viewer?a=v&q=cache:acg1cm48mxgJ:members.peak.org/~obsidian/iaos_bulletin_47.pdf+&hl=en&gl=uk&pid=bl&s-RrGy3wg6wNqo9ntCUsyJRi-i-xrnGfH0qXyI7BX79sPElP2eIG9xqfmYVmWcu7maromIGVzNfV7fQWb-814pF_vNUN58lx8iH7suXw9vORtbdjIVGF4N&sig=AHIEtbTV_EDsivnNauYErE3qYl_ITULeXA&pli=1)+ [3] (http://books.google.co.uk/books?id=TzrNgAsJY1MC&pg=PA19&dq=Archaeology+Colin+Renfrew+Obsidian&hl=en&sa=X&ei=fpXTT6-vAcis0QXgwcmNBA&redir_esc=y#v=onepage&q=Archaeology%20Colin%20Renfrew%20Obsidian&f=false) + [4] (http://books.google.fr/books?id=kQ1r0HGdyykC&printsec=frontcover&dq=The+Complete+Archaeology+of+Greece:+From+Hunter-Gatherers+to+the+20th+Century+A.D.&hl=fr&sa=X&ei=QbbTT5S2LcbJ0QX7uqX3Aw&ved=0CDcQ6AE20Complete%20Archaeology%20of%20Greece%3A%20From%20Hunter-Gatherers%20to%20the%2020th%20Century%20A.D.&f=false) + Retrieved 2012-06-09

8.

^ John Bintliff 2012 The Complete Archaeology of Greece: From Hunter-Gatherers to the 20th Century A.D.John Wiley & Sons, 19 mars 2012 (http://books.google.fr/books?id=0dZurnUo6hgC&pg=PA70&dq=obsidian+trade&hl=fr&sa=X&ei=xLfTT4iSM8Ts0gXqsu2YBA&ved=020trade&f=false) John Wiley & Sons, 19 mars 2012 ISBN 1118255194 Retrieved 2012-06-09

9.

^ (secondary) - S King & F Darabont-StevenKing.com The Official website(http://www.stephenking.com/library/movie/shawshank_redemption_the.html)[5](http://www.youtube.com/watch?v=lSzatzy8WvM) Retrieved 2012-06-09

10.

^ R Marks was Richard and Billie Deihl Professor of History at Whittier College during 2000. The Origins othe Modern World: Fate and Fortune in the Rise of the West(http://books.google.co.uk/books?id=07pEoprLQs8C&pg=PT18&dq=History+of+agriculture+Fertile+Crescent&hl=en&sa=X&ei=pg3JT6Fbj20of%20agriculture%20Fertile%20Crescent&f=false). Rowman & Littlefield, 7 Dec 2006. Retrieved 2012-06-01.

11.

^ Rondo E. Cameron.A Concise Economic History of the World: From Paleolithic Times to the Present(http://books.google.co.uk/books?id=aEHX63g1XsYC&printsec=frontcover#v=onepage&q&f=false).Oxford University Press, 11 Mar 1993. Retrieved 2012-06-01.

12.

^ Ian Hodder - Religion in the Emergence of Civilization: atalhyk as a Case Study(http://books.google.co.uk/books?id=i-35rgOQ6EkC&printsec=frontcover&dq=Catalhoyuk&hl=en&sa=X&ei=p-ToT7OoEMuU8gPZ_4HTDQ&ved=0CFIQ6AEwBQ#v=onepage&q=Catalhoyuk&f=false) CambridgeUniversity Press, 30 Aug 2010 Retrieved 2012-06-25

13.

^ ab Moorey,P R S.Ancient Mesopotamia :Materials and Industries The Archaeological Evidence(http://books.google.fr/books?id=P_Ixuott4doC&pg=PA1&dq=ancient+agriculture+mesopotamia&hl=fr&sa=X&ei=xETST9KMDdPW8Q20agriculture%20mesopotamia&f=false). Eisenbrauns, 1 nov. 1999. ISBN 1575060426. Retrieved 2012-06-08.

14.

^ P Watson - The Great Divide: History and Human Nature in the Old World and the New(http://books.google.co.uk/books?id=uN1auMTNWqoC&pg=PT95&dq=Clay+accounts+fourth+millennium+B.C.&hl=en&sa=X&ei=pPzRT4-Ag&redir_esc=y#v=onepage&q=Clay%20accounts%20fourth%20millennium%20B.C.&f=false) HachetteUK, 12 Jan 2012 -Retrieved 2012-06-09

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^ M Liverani, Z Bahrani, M Van de Mieroop. Uruk: the first city. Equinox, 2006.16.^ Brian M. Fagan. World prehistory: a brief introduction. Prentice Hall, 2002.17.^ Ur, Jason A. 2007 Early Mesopotamian urbanism: a new view from the North. Antiquity 81(313): 585-600.- [6] (https://docs.google.com/viewer?a=v&q=cache:Q4tmEO5D7xMJ:dash.harvard.edu/bitstream/handle/1/4269009/Ur_EarlyMesoUrbanism.pdf+-1Hs3gwcqDfxqkxZTeHJL5qk07QT_sJtXiggRBSaKxted0nZWh6YS-Lfs0tJQRKQJvwaIhFfw8kF6F3u-

18.




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IL9fc4v9pB0wQ9tWDYDjCYclpA&sig=AHIEtbQjwnEDzpxT4nU9qbM1f0y6XzHaVA) Retrieved 2012-07-01^ M. Chahin - The Kingdom of Armenia: A History (http://books.google.fr/books?id=OR_PHoKZ6ycC&pg=PA134&dq=beginning+of+economics+banking+in+Mesopotamia&hl=fr&sa=X&20of%20economics%20banking%20in%20Mesopotamia&f=false) Routledge, 2001 Retrieved 2012-07-15ISBN 0700714529

19.

^ ME Stevens holds a PhD in Old Testament from Union Theological Seminary and Presbyterian School ofChristian Education ... worked for fifteen years as a CPA in the US, Canada, and Europe ... teaches (c.2006)

biblical studies at the Lutheran Theological Seminary at Gettysburg - Temples, Tithes, and Taxes: TheTemple and the Economic Life of Ancient Israel (http://books.google.co.uk/books?id=YOzV8VMCAt0C&pg=PA136&dq=history+of+banks+(economic)+Mesopotamia&hl=en&sa=X&ei=uSsHUMWoLsa80QXr7cnCDQ&ved=0CFgQ6AEwBjge#v=onepage&q=20of%20banks%20(economic)%20Mesopotamia&f=false) Retrieved 2012-07-18 Baker Academic, 1 Nov2006ISBN 0801047773

20.

^ secondary - Birmingham Museum and Art Gallery - Puzrish-Dagan collection(http://www.bmag.org.uk/search?q=Sumerian&cx=010630598482195354645%3Aqgbxsnt8fl4&cof=FORID%3A11&ie=UTF-8&x=16&y=10) Birmingham city council Retrieved 2012-06-09

21.

^ N Luhmann - Risk: A Sociological Theory (http://books.google.co.uk/books?id=PzPtFxgv8FwC&pg=PA180&dq=places+of+banking+in+Ancient+Greece&hl=en&sa=X&ei=mqMCUK20of%20banking%20in%20Ancient%20Greece&f=false) Transaction Publishers, 2005 Retrieved 2012-06-10 ISBN 0202307646

22.

^ (-a proportion of produce taken by higher status individuals in society as a tribute -a "tributary economy")in S Pollock - Ancient Mesopotamia: The Eden That Never Was (http://books.google.co.uk/books?id=ndjc_5xhlDsC&pg=PA78&dq=the+beginning+of+banks+(economics)+in+Mesopotamia&hl=en&sa=X&ei=hCIHUOy8H8aa1AWl0pjDDQ&redir_esc=y#v=onepage&q=the%20beginning%20of%20banks%20(economics)%20in%20Mesopotamia&f=false) Cambridge UniversityPress, 20 May 1999 Retrieved 2012-07-18 ISBN 0521575680

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^ Davies,R & Davies,G.A History of Money from Ancient Times to the Present Day(http://projects.exeter.ac.uk/RDavies/arian/amser/chrono1.html). Cardiff: University of Wales Press, 1996.Retrieved 11 April 2012.

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^ (page 7 of ) M Silver - Economic Structures of the Ancient Near East (http://books.google.fr/books?id=5dwOAAAAQAAJ&printsec=frontcover&dq=depository+gold+of+Byblos&hl=fr&sa=X&ei=AX7UT4G

page 7 Taylor & Francis, 1985 ISBN 0709933703 Retrieved 2012-06-10

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