We think of ancient civilisations as operating very differently from the way our economy works today. Yet the Bronze Age Assyrians living in Mesopotamia, around 4,000 to 3,000 years ago, began the basis of modern capitalism, in a region spanning most of modern-day Iraq, eastern Syria and southeastern Turkey. The Assyrian empire was the root of what many scholars would now call “the West”.
Cuneiform writing, the oldest in the world, records evidence of credit, loans and debits as “virtual money” and the rise of elite merchants holding monopolies on trade. They traded Afghanistan tin from the city of Kanesh (in modern Turkey) throughout their empire, working as multinational corporations do today.
The Assyrian business community also had the first businesswomen and female investors. Generous tax breaks were given to merchants who promoted good business. The famous Code of Hammurabi reads like the fine print of a business deal, stating rules for granting credit and imposing taxes and tariffs on trade.
