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Banks Enter the Scene

In: Money Matters

Author

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  • Luis Angeles

    (University of Glasgow)

Abstract

The first fully specialized banks in history appear in ancient Greece towards the end of the fifth century BC—only a few decades after the widespread adoption of coins as the foremost form of money in Greek society. Before this period, we can find several banking functions being provided at different times and places by large merchants and by certain institutions, with the earliest examples going all the way back to the middle of the 3rd millennium BC in ancient Mesopotamia. The Greek case is different in that no merchant or institution before that time had made banking services their sole or main line of business. The best evidence for this is that no society before classical Greece had a word for the profession of “banker”.

Suggested Citation

  • Luis Angeles, 2022. "Banks Enter the Scene," Springer Books, in: Money Matters, chapter 0, pages 29-36, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-95516-8_4
    DOI: 10.1007/978-3-030-95516-8_4
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    Keywords

    Ancient banking; Deposit taking;

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