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Economic history of the world
The economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $158 per annum (inflation adjusted for 2013), and did not rise much until the Industrial Revolution. Cattle were probably the first objects or physical things specifically used in a way similar enough to the modern definition of money, that is, as a medium for exchange. By the 3rd millennium BC, Ancient Egypt was home to almost half of the global population. The city states of Sumer developed a trade and market economy based originally on the ancient coin, usually of silver, of the shekel which was a certain weight measure of barley, while the Babylonians and their city state neighbors later developed the earliest system of prices using a measure of various commercial products that was fixed in a legal code. The early law codes from Sumer could be considered the first (written) financial law...
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