Distributing money to everyone via a universal basic income has provoked heated debates throughout history.

The idea of a check—or promissory note—goes back to antiquity

As long as traders have looked to pay in cash or coin, the idea of an IOU has been close behind. Clay tablets from ancient Mesopotamia (roughly modern Iraq) and Persia (Iran) suggest proto-checks were used at the time. Islamic traders innovated "sakks" in the 9th century, leading to the broader adoption during the Middle Ages in Europe.

‘Roman military pensions’ were among the first known pensions in history

Instituted by the first Roman emperor, Augustus, around 13 BCE, these early iterations of pensions made it so soldiers sometimes received about a decade's worth of their pay, plus some land to live on. Augustus instituted these pensions to secure loyalty and reduce the risk of coups and unrest. This video includes more fun tidbits about the history of retirement.

How ancient Romans invested and worked

The first stock exchange didn't open for business until the early 1600s, but that didn't stop the Ancient Romans from working and investing their money centuries before. While Romans are better known for their political inventions than their economic ones, understanding how they viewed money can help paint a better picture of the Roman mindset that created systems like democracy. Read this article to learn more.

British economist John Maynard Keynes originally proposed a global currency called the bancor

Keynes—one of the chief architects of the Bretton Woods system—proposed establishing a global central bank that would issue a new international currency, the bancor, to settle trade imbalances. The idea was rejected in favor of the US dollar serving as the main currency of the international system.

From bartering to banking, temples to electronic transactions, here’s banking has evolved significantly since ancient times

A few historical facts about banking (like that one day, not long ago, certificates of deposit were physical pieces of paper) may not surprise you. But did you know that the church was the original lender? And that Julius Caesar himself invented foreclosure?

Death taxes have helped fund wars since the 1860s

Death taxes date back to 700 BCE and were used in Ancient Rome and Ancient Egypt. In the US, they've been used to finance wars since the Civil War, and have been levied on both the estate and beneficiary. The estate tax created during WWI to help finance war efforts is still in effect today.

Humans have speculated about alien life since ancient times

Around 50 B.C.E., Roman poet and philosopher Lucretius shared the idea that alien life was possible, which was put forth by Greek philosopher Epicurus. The writing is believed to be the first straightforward assertion in Western literature that aliens must exist.

The US has used a wide variety of different currencies between the 1690s and today

From colonial money to national banknotes, people have used all kinds of forms of currency throughout the history of the United States before settling on the dollar bills and quarters that we pay for things with today.

Visualizing the history of money

Money is any medium of exchange used in payments for goods or services and can take many forms. From cattle and shells in ancient times to paper and blockchain today, money has taken many shapes and sizes. This infographic illustrates some of the major forms of exchange world cultures have used over the last 5,000 years.

How income taxes evolved from a funding tool for war into a crucial revenue source for the federal government

Americans have long resisted income taxes. So, how did they become permanent? This overview explains how wartime funding needs, constitutional changes, and economic shifts gave rise to the modern tax system, from the Civil War to the payroll withholding rules we follow today.

The Chumash manufactured shell beads for thousands of years, eventually as money

The practice was unique to the Chumash among North American Indians. Some researchers have made the case theirs was the first use of money on the continent.

The US officially adopted an income tax in 1913

The US first levied income taxes during the Civil War, but modern income taxes became an American fixture in 1913. Two years earlier, Congress passed the 16th Amendment to give the government the right to tax individuals' and businesses' income. The US still technically levies the same federal income tax now as it did then—though it's evolved.

What are the universal human rights?

This video outlines what basic human rights are, who gets to pick them, who enforces them, and how. The basic idea of human rights states that each of us is entitled to the same basic rights and freedoms, no matter who we are or where we are born....

The Ishango bone suggests mathematics was born about 20,000 years ago

Ancient civilizations developed mathematical systems for various purposes, including the Egyptians for the construction of the pyramids and the Ancient Greeks for logical reasoning in theorems. However, these systems were predated by the Ishango bone—found in the Democratic Republic of the Congo—whose notches suggest a base ten system, prime numbers, and simple mathematical operations.

What is the function of money?

Nearly everyone uses some form of money to facilitate day-to-day activities, but what is it, anyways? Economists define money as anything that can be accepted as final payment for goods and services. Shells, beads, corn, and a wide range of objects have acted as money throughout history—explore the common but deceptively abstract concept of money in this eight-minute podcast from the Federal Reserve.

A gold standard is a system where every dollar in circulation can be exchanged for a set amount of gold

For centuries, the things people used as money had intrinsic value, such as precious metals like gold. In medieval Italy, giant wheels of parmesan cheese were once used as a store of value.

Cryptocurrency acts as a store of value

Traditional money, dating back to its first known uses in ancient Babylonia, has many uses—it reduces friction in transactions by providing a common denominator of value (unit of account), acts as a single item accepted by many vendors (medium of exchange), and holds wealth as a store of value.

For most of human history, property rights were in the elite’s hands

Humans learned to domesticate dogs long before they formed the concept of private property. But by the era of the ancient Greeks and Romans, property law and ownership became more sophisticated.

Pre-coin currencies like shells were subject to counterfeiting

While it is difficult to pinpoint the very earliest form of money that was used, a type of shell called cowrie shells were used as currency as far back as 3300–2000 BCE. These shells were imitated using ivory, bone, clam shells and more.

How America became a nation of gamblers

For thousands of years, humans have liked to gamble. What started as dice games and betting on chariot races became a way for states to generate revenue here in America. This article explores how states have been using gambling to pay for infrastructure and capital projects–and the cost it’s had on the citizens.

The Medicis of Italy innovated 'bills of exchange,' precursors to checks

At the time, lending money for interest (also known as usury) was banned in much of the Christian world. The enterprising Medicis developed bills of exchange to allow merchants to promise payment without cash or coin (with some discrete means of earning interest woven in). Learn more about how this family laid the foundation for modern banking.

Urban planning in ancient Rome

Ancient Rome represents one of the earliest examples of coordinated urban planning from a central government for which researchers have access to contemporary records. This review from MIT showcases ancient Roman cities built on various types of grids, from rectangular outlines to those shaped around two intersecting axes, with several examples and maps provided for each.

Gambling funded America's early expansion

In the colonial era, lotteries were viewed as a voluntary tax to help fund infrastructure and capital projects. The idea came from Europe, which had used lotteries dating back to the 16th century. The image below is from a Massachusetts lottery in 1758.

Modern physics suggests that many universes with different physical laws could exist

Physicists suggest that quantum fluctuations in the early universe could have given rise to these universes. Ancient Greek philosophers like Chrysippus proposed a version of the multiverse over 2,000 years ago—millennia before its adoption into various theoretical frameworks today.

Governments have historically used counterfeiting for economic warfare

Inserting fake currency into an economy can help destabilize it. During the American Revolution, for instance, the British distributed counterfeit “Continental Dollars” in an effort to devalue the currency being used in the US at the time with the goal of undermining America’s growing financial credibility. The Nazis also ran an extensive counterfeiting scheme during WWII.

The global practice of public speaking

The epic "Gilgamesh and Aga," which dates back to 1900-1600 BCE, features a speech by the Mesopotamian hero Gilgamesh in which he tries to convince his city's all-male assembly to agree to fight an invading army. Surviving records indicate many ancient cultures, including those in China, India, and North America, had rich public speaking traditions, at least some of which survived time and colonization.

Before the US Mint, people made currency in private mints

Around the year 1652, New England coinage was created at private mints. Historically, private mints were often located in places where governments did not meet the demand for currency. This article dives into the history of private mints, including the ones people can still visit today.

Money—not land—became Europe’s key economic driver in the Middle Age

During the medieval commercial revolution, money gradually replaced land as the primary economic commodity. Expanding trade, markets, and finance transformed Europe’s economy—laying foundations, historians argue, that were essential for the later Industrial Revolution.

How banking works

To do big things, people often need more money. Banks jumpstart economic activity with loans paid back with interest, and when things are working well, both people and the bank make more money. Formed in the Middle Ages amid competing currencies in Italy, banks—from the Italian for bench, banco—helped stimulate that era's commercial revolution, a massive expansion in Mediterranean trade and development. Find out the ins and outs of banks in this quick explainer video.

Learn about the history of the Universal Declaration of Human Rights

The Universal Declaration of Human Rights was adopted by the UN General Assembly in 1948. This video explains the history, purpose, preamble, and all 30 articles of the UDHR, which established a universal human rights standard for people worldwide.

It's unlikely that we will ever live in a completely cashless world

Although countries like China are moving toward a cashless system, many other countries still rely on physical money for everyday transactions. This article dives into the future of currency and includes a map of the percentage of adults who do cashless transactions around the world.

Trade and tariffs in the Roman world

Trade between nations and empires date back thousands of years, including the use of tariffs to raise government revenue.

Wealthy Egyptians slept on woven beds to allow air circulation in hot climates

The history of beds is a fascinating look at economics, social science, and cultural beliefs around what takes place during sleep. This brief survey of the history of bed-making begins roughly 5,000 years ago and runs through ancient Egypt and Rome to modern Europe. Take a look here.

Arguments for returning to a gold standard reappear from time to time

However, critics argue that globalization has made the gold standard impractical for modern economies, as it limits a nation’s ability to have a flexible monetary policy—hence, none of today's governments have a gold standard.

There have been many versions of US banknotes throughout history

From the Civil War to the present day, the US has gone through many, many versions of paper money (or “notes”). Some notes, like “demand notes,” were created to finance the Civil War. Others, like “treasury notes,” helped pay for silver.

Did agriculture give rise to inequality?

This article explores how economic and social inequality relates to the rise of agriculture. About 10,000 years ago, some hunter-gatherers started farming, launching what came to be known as the Neolithic revolution. Hunting and gathering allowed...

Modern monetary theory argues that governments can spend more without worrying about debt

In this discussion, economists Stephanie Kelton and Rohan Grey join Jon Stewart to explain modern monetary theory and debate whether expansive government spending can address inequality and economic crises without traditional debt constraints.

On July 1, 1862, the agency now known as the Internal Revenue Service was established and named the Bureau of Internal Revenue

It was created to collect the first-ever US income tax, which was created to help pay for the Civil War. After gaining their independence from Britain, Americans were skeptical about giving the federal government absolute power to collect federal income taxes. As a result, early US tax laws dictated that direct taxes, like income taxes, had to be directly apportioned to a state's population. The nation went back and forth on its federal tax laws multiple times. For instance, in 1872, the income tax from the Civil War was repealed. But it was revived in 1894, and then repealed again in 1895. In 1913, Congress passed the 16th Amendment, giving Congress the power to levy income taxes on individuals and corporations without apportioning the burden among the states in line with population, once and for all.

Near-universal banking masks a large underbanked shadow system

FDIC data indicates 128 million households have a checking account, the vast majority (96% in 2024). But more than 14% of households are underbanked, meaning they have accounts but also rely on nonbank services such as check cashing, payday loans, or prepaid cards.