History
The history of financial institutions must be differentiated from economic history and history of money. In Europe, it may have started with the first commodity exchange, the Bruges Bourse in 1309 and the first financiers and banks in the 15th–17th centuries in central and western Europe. The first global financiers the Fuggers (1487) in Germany; the first stock company in England (Russia Company 1553); the first foreign exchange market (The Royal Exchange 1566, England); the first stock exchange (the Amsterdam Stock Exchange 1602).
Milestones in the history of financial institutions are the Gold Standard (1871–1932), the founding of the International Monetary Fund (IMF) and World Bank at Bretton Woods 1944, and the abandonment of fixed exchange rates in 1973.
Read more about this topic: Global Financial System
Famous quotes containing the word history:
“The one duty we owe to history is to rewrite it.”
—Oscar Wilde (1854–1900)
“Let us not underrate the value of a fact; it will one day flower in a truth. It is astonishing how few facts of importance are added in a century to the natural history of any animal. The natural history of man himself is still being gradually written.”
—Henry David Thoreau (1817–1862)
“Both place and time were changed, and I dwelt nearer to those parts of the universe and to those eras in history which had most attracted me.”
—Henry David Thoreau (1817–1862)