Middle Ages
In the Middle Ages world economy slowly expanded with the increase of population and trade. The silk road was used for trading between Europe, Central Asia and China. During early period of the Middle Ages Europe was an economic backwater, however, by the later Medieval period rich trading cities in Italy emerged, creating first modern accounting and finance systems.
The first banknotes were used in Tang Dynasty China in the 9th century (with expanded use during the Song Dynasty), and the first in Europe issued by Stockholms Banco in 1661.
Read more about this topic: Economic History Of The World
Famous quotes containing the words middle ages, middle and/or ages:
“In public buildings set aside for the care and maintenance of the goods of the middle ages, a staff of civil service art attendants praise all the dead, irrelevant scribblings and scrawlings that, at best, have only historical interest for idiots and layabouts.”
—George Grosz (1893–1959)
“Neither a life of anarchy nor one beneath a despot should you praise; to all that lies in the middle a god has given excellence.”
—Aeschylus (525–456 B.C.)
“In all her products, Nature only develops her simplest germs. One would say that it was no great stretch of invention to create birds. The hawk which now takes his flight over the top of the wood was at first, perchance, only a leaf which fluttered in its aisles. From rustling leaves she came in the course of ages to the loftier flight and clear carol of the bird.”
—Henry David Thoreau (1817–1862)