Plato describes his ideal state, where property is owned by all and labor is specialized.
Thomas Aquinas argues that the price of a product is “just” only if proﬁt is not excessive and there is no deception involved in the sale.
Bills of exchange become a standard method of payment in European trade, redeemable by merchant banks.
The British East India Company, an international trading company and the world’s ﬁrst global brand, is established. C. 380 BCE 1265–74 CE C. 1400 1599 C. 350 BCE Aristotle argues in favor of private property but against accumulating money for its own sake.(Funny they accumulated a lot of wealth)
1397 1492 C. 1630 Medici Bank is Christopher Thomas Mun in Florence, Columbus arrives in advocates a The founded Italy—one of the ﬁrst of the ﬁnancial institutions built on international trade.
The Americas; soon gold is ﬂowing into Europe, increasing the money supply mercantilist policy, using foreign exports as a way of increasing a nation’s wealth. As civilizations evolved in the ancient world, so too did systems for providing goods and services to populations.
These early economic systems emerged naturally as various trades and crafts produced goods that could be exchanged.
People began to trade, ﬁrst by bartering and later with coins of precious metal, and trade became a central part of life. The business of buying and selling goods operated for centuries before it occurred to anyone to examine how the system worked.
The ancient Greek philosophers were among the ﬁrst to write about the topics that came to be known collectively as “economics. ”
In The Republic, Plato described the political and social makeup of an ideal state, which he said would function economically, with no deception involved in the sale.