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Up nextWhy was the first Western coinage invented in Asia Minor in the 7th century BC? Not for trade reasons, but for the construction of new warships. The mass minting of silver coins later became the basis of Athenian naval power. But when Sparta blocked Athens' access to its silver mines, the tide turned.
In the fourth century BC, Alexander the Great conquers the treasure of the Persian Empire – for his successors the foundation for huge empires. 200 years later, Rome bases its power on captured riches from the conquered lands. But this influx of precious metal, to which the Roman Empire initially owes its fame, ultimately accelerates its downfall.
China produced large quantities of bronze coins at the beginning of the 7th century BC. Nationwide archaeological finds attest to the development of Chinese monetary systems up to the invention of paper money in the Northern Song Dynasty from 1024 onwards. The documentary shows why the economy in ancient China was so long ahead of that of the West.
How did the money become virtual? While paper money has been in circulation in China for centuries, it encounters great reservations in the West. Europe and the US had to learn to accept a purely trust-based single currency. Today, the gold standard is making an impressive comeback: in the form of Bitcoins, the digital answer to the precious metal.
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