Modern Capitalism Two developments paved the way for the emergence of modern capitalism; both took place in the latter half of the 18th century. The first was the appearance of the physiocrats in France after 1750; and the second was the devastating impact that the id eas of Adam Smith had on the principles and […]

Capitalism Capitalism, economic system in which private individuals and business firms carry on the production and exchange of goods and services through a complex network of prices and markets. Although rooted in antiquity, capitalism is primarily European in its origins; it evolved through a number of stages, reaching its zenith in the 19th century. From […]

Livilla Livilla was the daughter of Nero Claudius Drusus and Antonia and sister to Germanicus and the future Emperor Claudius. While Livilla was reported to be a rather common appear child, she is said to have grown into a beautiful woman. Livilla was married to Drusus, the son of the Emperor Tiberius. She bore him […]

Monetary History of Judaea First Revolt   While there were tensions over religion, what really began the crisis was taxation which was fueled also by the clash of dynasties in Judaea. The hatred of Roman taxation first emerged during the civil war between Octavian and Marc Antony and Cleopatra. To fund an army, Antony and […]

Monetary History of Egypt Ptolemaic Dynasty Ptolemy I Soter (367?-283 BC) As king of Egypt 305 – 283 BC General of Alexander The Great Founder of the Ptolemaic Dynasty Upon the death of Alexander the Great in 323 BC at the age of 32, the newly created Greek Empire fragmented. No one general or heir was strong […]

  ©Copyright June 1988 The story of paper money goes back a long way. One could argue that its first emergence was even before 2500BC in Bablyon. For the sake of convienence, banking transactions took place in the form of a clay tablet which served as a “letter or credit.” While such forms of money […]

Part IV of IV—A Brief History of World Credit & Interest Rates by Martin A. Armstrong ©Copyright PEI  1700-Date As with most wars, noble motives are usually portrayed in some slogan that attempts to hide the true underlying financial incentives. The English Crown’s attempt to control and prevent irresponsible paper money issues among the Colonies, […]

Zeno 474-481 AD Emperor of the East Zeno was an Isaurian Chieftain named Tarasicodissa. He came to Constantinople during the reign of Leo I where he first changed his name to Zeno. In 467 AD, Zeno married the Emperor’s eldest daughter, Ariadne who bore him a son, the future Emperor Leo II. The Emperor Leo I had no heir […]

Aelia Flaccilla Empress 379-386 AD Wife of Theodosius I Aelia Flaccilla was the first living Empress to be accorded the right of coinage since Helena and Fausta sixty years before. Aelia Flaccilla was the wife of Theodosius I. They were married about 376 AD, several years before her husband’s accession to the throne. Aelia was the mother of […]

Constantius Gallus, Caesar 351-354 AD Flavius Claudius Constantius was initially named Gallus. He was a descendant of Constantius I Chlorus with his second wife, Theodora. Gallus was the half-brother of the future Emperor Julian II, the son of Constantius and Galla. He grew up at a court in Constantinople under Constantine The Great, a descendant of […]