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 history of the world is none other than the progress of the consciousness of freedom.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“We said that the history of mankind depicts man; in the same way one can maintain that the history of science is science itself.”
—Johann Wolfgang Von Goethe (1749–1832)
“It would be naive to think that peace and justice can be achieved easily. No set of rules or study of history will automatically resolve the problems.... However, with faith and perseverance,... complex problems in the past have been resolved in our search for justice and peace. They can be resolved in the future, provided, of course, that we can think of five new ways to measure the height of a tall building by using a barometer.”
—Jimmy Carter (James Earl Carter, Jr.)