Banking System History
The earliest institutions of banking were religious temples as they were well guarded and sturdily built. These early deposits were grain, goods, livestock and eventually precious metals. The history of banking systems centers around state sponsored banks in individual countries. Babylonian law, more specifically Hammurabi’s Code, set up one of … Keep Reading → the earliest economic systems that continue to impart its influence in current economic theories. Around 1800, Adam Smith published “The Wealth of Nations” which is considered the seminal book in economics and capitalism. While the moral debate on interest charges on loans ebbs and flows, banking needs grew with the industrial revolution and later 20th century production. Elite banking families including the Rothchilds, the Rockefellers, J. P. Morgan made fortunes during this time. These days banking is regulated by Central Banks, the Federal Reserve and The World Bank but fraud, scams and ponzi schemes flourish as evidenced by the Bernie Madoff crime. Learning more about the complex work of banking and banking history in this Hub.
![Declassified National Archives: Chase National Bank [Rockefeller's Bank], Jewish Accounts, and Nazi Germany](http://s3.hubimg.com/u/46770_50.jpg "Declassified National Archives: Chase National Bank [Rockefeller's Bank], Jewish Accounts, and Nazi Germany")
