Economy GDP

The 1929 Wall Street Crash wiped out billions in wealth in days. One-third of U.S. banks failed, leading to a complete overhaul of financial regulation.

The Roman Empire’s economy thrived on trade routes that stretched from Britain to India. Roman coins have been found in Japan, proof of how far their money traveled.

In the 1970s, OPEC’s oil embargo quadrupled oil prices, triggering stagflation in the West—high inflation + high unemployment. It reshaped global energy politics forever.

The world’s first stock exchange opened in Amsterdam in 1602. Investors gathered to trade shares of the Dutch East India Company—creating modern capitalism.

During the Great Fire of London in 1666, most people didn’t have insurance. The devastation inspired the creation of the first modern fire insurance companies.

Before coins or paper, ancient societies used ‘commodity money’ like salt, cattle, or even cacao beans. The word ‘salary’ comes from ‘salarium’—Roman soldiers being paid in salt.

The U.S. Federal Reserve was created in 1913 after repeated banking crises. Its main goal: stabilize the economy and prevent panics that had plagued the 19th century.

In the 1800s, Britain’s Industrial Revolution made it the ‘workshop of the world.’ By 1850, it produced more iron than the rest of the world combined.

In 1944, the Bretton Woods Conference created the IMF and World Bank. It also pegged global currencies to the U.S. dollar, cementing America’s financial dominance after WWII.