User:Pkearney/sandbox

The economic history of Europe should be read in conjunction with the history of europe and the economic history of the world, which commences with the first habitation of the region by homo sapiens between 45,000 and 20,000 years ago and ends at the present time. The first major phase in the economic history of Europe was the mesolithic era of hunter-gatherers, which lasted from the time of the first habitation, until about ten thousand years ago, when the last glacial period ended. This was followed by the neolithic era, during which agriculture replaced the hunter-gatherer lifestyle and but with the continued use of stone tools. The use of bronze from about 3500BC until 1500BC and iron until about 800BC for making tools are recognised as separate eras of economic development. Throughout the period from first inhabitation until commencement of the Greek and Roman era of classical antiquity in about 800AD, it is likely that tools, food, clothing and other items of value were increasingly bartered with some items of value such as rare metals being used as a medium of exchange. Coins were introduced early in the period of classical antiquity and making it possible for people specialise, collaborate and improve their overall productivity. Financial markets and the first companies emerged in about 200AD, but Christian and Muslim abhorrence of making money from money inhibited their continued development and it took over a millenium, before before they reemerged in northern Italy in between the 9th and 15th Century. The period of dormancy is known as the Middle Ages and the subsequent re-emergence may be associated with the Renaissance and reformation, which lasted from the 15th until the 17th century. During this period promissory notes, and later paper money, began to replace coins but gold and silver continued to be seen as the ultimate measure and store of wealth. Following this, the classical era in economics, encompassing the era of European Enlightenment and Industrial Revolution gave rise to the re-emergence of companies, the first stock exchanges and the use of capital to develop large business organistions from the 18th century to the mid-19th century. The period since then may be described as the modern or neo-classical era and has witnessed a duality of economic systems in the forms of capitalism and socialism which culminated in the formation of welfare states since the middle of the 20th century.