ABSTRACT
Scholars of ancient economies have tended to play down market trading and draw a stark contrast with modern times. State theories of money argue that central authorities were the first to introduce money, before its use in organised trade or markets. Financial markets too have ancient precursors, though modern banking and finance arose only in the late-medieval period. Two features should be emphasised: trade came before markets and markets before capitalism. Even the trade most distinctive to capitalism – in labour and finance – had forebears in pre-capitalist times. Economic thought did, nevertheless, start in the ancient world with no fixation on markets and trade, which had their due place but were not the main concern. Trade was eased by the consolidation of money, which acquired a distinct identity through standardised and regulated coinage. Successful implementation of coinage is a further indicator of the importance of organised trade in the ancient world.
