10 Interesting Fact About World Economic History

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• Ancient Egypt is one of the initial civilizations that created a system of exchange of goods using money.
• In the past, cocoa beans were used as a medium of exchange in South America before the appearance of paper money and coins.
• In the 17th century, tulips in the Netherlands became very popular and sold at very high prices, even exceeding the price of houses and land.
• In the 19th century, many Chinese people worked in the United States and sent money back to China through a money transfer system called Hui Kuan.
• In 1914, Germany issued a banknotes worth 100 trillion German mark whose value was very low due to high inflation.
• In 1944, the Bretton Woods agreement was agreed upon to create an international monetary system based on the US dollar exchange rate.
• In 1971, US President Richard Nixon stopped the conversion of the US dollar to gold, ending the Bretton Woods system.
• In 1994, Mexico experienced a financial crisis caused by high inflation and large debt.
• In 2008, the global financial crisis occurred due to the US housing crisis and the use of complex financial instruments.
• In 2020, Pandemi Covid-19 resulted in a significant decline in global economy and changed the way people work and do business.