Themes

Quest for Knowledge

Arts and Architecture

Patrons and Lifestyles

Everyday Life

Trade & Exploration

Science & Technology

Today—International Monetary Fund
The International Monetary Fund was conceived in July 1944 by the United Nations to set up a framework for economic cooperation designed to avoid another Great Depression. Today the international organization is comprised of 184 member countries and promotes international monetary cooperation in exchange and provides assistance to countries that need it.

1929-1941—Great Depression
After the stock market boom in the early 1920's, the US Government tries to raise interest rates to discourage stock speculation. Companies pull out of the market crashing the market. The economy falls into a recession known as the Great Depression.

1896—Dow Jones Industrial Average
Charles Dow, a journalist, introduces the Dow Jones Industrial Average on May 26, 1896 listing 12 "smokestack" companies. The Dow Jones is a window into the stock market for the everyday person.

1525—The Renaissance Connection
Schools of business along with manuals and guides providing useful information on how to conduct business flourished during the 15th and 16th centuries due to the emergence of capitalism. The Italian businessmen who invented capitalism during this period demonstrated a remarkable understanding of economics and the technical skills required to turn a profit from their businesses based on trade, manufacturing, and mining.

At first glance this the person depicted in the painting Portrait of Anton Fugger looks like a common citizen when in fact he was once considered the richest man in the world. During the late 15th century his uncle, Jakob Fugger known as "Jakob the Rich" of Augsburg, Germany, created a world wide mercantile, banking, and industrial empire. In 1525 Anton inherited the family business and continued to grow its holdings until his death in 1560.

The Fuggers are but one example of a family that embraced the capitalist entrepreneurial spirit of the time that resulted from the explosion of banking, business, and industry during the Renaissance. Today's banking, business and economic practices are firmly rooted in the Renaissance, a time when a better life was sought through the accumulation of both knowledge and wealth.

1500—Banking Expands
Italians expand banking particularly in manufacturing centers. By 1500s, trade centered at Bourse in Antwerp and Royal Exchange on Lombard Street in London (pictured here). Establishment of a Commodities exchange.