The History of
MONEY & MARKETS
From ancient shells to modern fiat currencies. From Adam Smith to Milton Friedman. Understand the foundations of money and economic thought.
"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest."
The Timeline
Key moments that shaped the cryptocurrency revolution
Barter & Commodity Money
Cattle, shells, beads, salt used as money. "Pecuniary" from pecus (cattle).
Silver Shekels
Sumerians use silver bars as money. First banking in temples of Babylon.
First Coins Minted
King Alyattes mints electrum coins. Greece & Rome adopt coinage.
Paper Money in China
Jiaozi notes become official currency. Eventually hyperinflates.
Bank of England Founded
First major central bank. Created to fund war. Template for future.
US Coinage Act
Dollar defined as 371.25 grains silver. Bimetallism established.
"Crime of 1873"
US demonetizes silver. Deflationary depression follows. Farmers crushed.
The Modern Era
From the Federal Reserve to today's monetary system...
Continue to FoundationsFINANCIAL FOUNDATIONS
Sound Money & The 2008 Crisis
Economics in One Lesson
Henry Hazlitt
The best introduction to economic thinking. Destroys common fallacies and teaches you to see the unseen consequences of policies.
The Creature from Jekyll Island
G. Edward Griffin
The definitive history of the Federal Reserve. Understand how the central banking system was created and why it inevitably leads to inflation.
Human Action
Ludwig von Mises
The magnum opus of economic theory. Dense but transformative. Understand why central planning fails and free markets work.
HISTORY OF MONEY
From Ancient Times to Modern Fiat
Debt: The First 5,000 Years
David Graeber (2011)
Revolutionary anthropological take on money, credit, and debt. Challenges common myths. Very readable and thought-provoking.
The Ascent of Money
Niall Ferguson (2008)
Excellent broad narrative from ancient Babylon to the 2008 crisis. Also has a great PBS documentary series.
A History of Money
Glyn Davies
The standard academic reference work. Dry but extremely thorough and reliable. 3rd or 4th edition recommended.
Money: The Unauthorized Biography
Felix Martin (2013)
Very engaging read. Focuses on money as a social technology rather than just coins and notes.
Lords of Finance
Liaquat Ahamed (2009)
The bankers who broke the world. Superb on the gold standard and interwar monetary chaos. Pulitzer Prize winner.
The Denationalisation of Money
F.A. Hayek (1976)
Short but influential argument for competing private currencies. Available free from Mises Institute.
FREE ARTICLES & ESSAYS
The Origins of Money
Carl Menger (1892)
Foundational essay on the regression theorem.
What is Money?
Joseph Salerno (Mises)
Clear summary of sound money principles.
A History of American Currency
Federal Reserve Bank of SF
Visual timeline of American currency evolution.
The History of Money
Bank of England Museum
Interactive timeline covering millennia of monetary history.
DOCUMENTARIES
YOUTUBE EDUCATIONAL CHANNELS
CLASSIC ECONOMICS
Timeless Works on Markets & Society
The Wealth of Nations
Adam Smith (1776)
The foundation of modern economics. Smith's invisible hand, division of labor, and free trade principles remain essential reading.
The Road to Serfdom
F.A. Hayek (1944)
Hayek's warning about centralized economic planning. Explains how government control inevitably leads to tyranny. Nobel Prize-winning insights.
Basic Economics
Thomas Sowell
Economics explained without jargon. Sowell makes complex concepts accessible. Perfect for beginners wanting to understand how markets really work.
Economic Facts and Fallacies
Thomas Sowell
Debunks common economic myths with data and logic. Covers housing, income, race, third world, and more. Sharp, evidence-based analysis.
Free to Choose
Milton Friedman
Nobel laureate Friedman makes the case for economic freedom. Covers money, trade, education, and welfare. Companion to the PBS series.
Capitalism and Freedom
Milton Friedman
The relationship between economic and political freedom. Friedman argues that free markets are essential for a free society.
The Minds Behind Economic Thought
The economists who shaped our understanding of markets and money.
ADAM SMITH
Father of Economics
LUDWIG VON MISES
Austrian School
F.A. HAYEK
Nobel Laureate
MILTON FRIEDMAN
Chicago School
THOMAS SOWELL
Modern Economist
CARL MENGER
Founder of Austrian School
DAVID GRAEBER
Anthropologist
NIALL FERGUSON
Financial Historian
📖 SUGGESTED READING PATH
Start with Graeber or Ferguson for accessible monetary history, then explore Sowell or Friedman for economic principles. For depth, dive into Smith, Hayek, and Mises.
Ready to Continue?
Now that you understand the history, explore the foundations of sound money.