History of Markets

From early lending to modern crashes.

1. Early Lending & Credit — Long before stock markets, people borrowed, lent and charged interest. Here is how credit began in ancient Mesopotamia, how Italian bankers built modern finance and why those ideas still shape markets today.
2. The First Stock Exchanges — The first publicly traded shares were issued by a Dutch trading company in 1602. Here is how stock trading began in Amsterdam and London, and the early bubbles that taught lasting lessons.
3. The Buttonwood Agreement & Wall Street — The New York Stock Exchange traces its roots to 24 brokers who signed an agreement under a tree in 1792. Here is how Wall Street grew from that deal into the center of global finance.
4. The 1929 Crash — The 1929 crash began the worst bear market in U.S. history, with stocks falling 89% by 1932. Here is what fueled the boom, how the crash unfolded and the lasting rules it created.
5. 1987 & the Dot-Com Bubble — In 1987, stocks suffered their worst single day ever. In 2000, the dot-com bubble burst and the Nasdaq fell 78%. Here is what happened in each, and why the recoveries looked so different.
6. 2008 & 2020 — The 2008 financial crisis and the 2020 pandemic crash were the two great bear markets of the 21st century so far. Here is what caused each, how governments responded and how quickly stocks recovered.