Changes

==New Empires and Banking==

This changed during the rise of major empires starting in the 8th century BC. With the rise of the Assyrian Empire (911-609 BC), the so-called Neo-Assyrians, and the subsequent rise of the Neo-Babylonian (626-539 BC) and Persian (or Achaemenid (c. 550-330 BC) empires, we begin to see patterns were there were much larger states encompassing much of the region.<ref>For a general discussion on some of these large and successive empires see: Cline, Eric H., and Mark W. Graham. 2011.''Ancient Empires: From Mesopotamia to the Rise of Islam.'' Cambridge ; New York: Cambridge University Press.</ref> These larger states also replaced other large states, enabling much greater stability in the region and more unity between cultural groups. Additionally, populations began to move in much greater numbers, intermixing the ethnic makeup of many towns. These intermixed communities soon formed links that facilitated exchange between them and their areas of origin.

Given that we begin to see greater movement of trade, it is at this time we begin to see the rise of the great banking houses and investment firms. The best-known early banking family was the Murashu family, although others existed such as the Egibi family, which thrived in the 5th century BC. The Murashu family perhaps established one of the world’s oldest named firms, in essence “Murashu and Sons.” They had over 60 employees stationed in various cities across southern Mesopotamia and Elam in modern Southern Iraq and Southwest Iran respectively. The employees functioned similarly to local branch offices of the main Murashu firm. The company dealt with financing real estate, loans, and investing in agricultural projects. In addition, both poor citizens and the royal family appeared to do business with this family.

In the 1st century AD, one would only have to travel through four countries to go from Britain to China. In short, the ancient world had become an early version of globalization. People from different cultures began to benefit from this trade and participate more actively. Products were moving far and wide. Incense and silk were moving all across the Old World, while coins were now found in all of Europe, Asia, and northern Africa. Coinage, in the 6th century BC, had been a localized development found in the Eastern Mediterranean only, but by the 3rd century BC it was spread to much of Europe, the Near East, India, and China.

==The Role of Money and Coinage in the Economy==