Money existed for millennia, capitalism only centuries

Over this period, paper notes grew in production to the point that their value rapidly depreciated and inflation soared. Then beginning in 1455, the use of paper money in China disappeared for several hundred years. This was still many years before paper currency would reappear in Europe, and three centuries before it was considered common.

To point to such problems is to invite a barrage of accusations, many of which are based on this premise: capitalism has rescued hundreds of millions of people from poverty – now you want to impoverish them again.

There’s one part of me that wants to say capitalism is only ever late-stage. But there is no way of claiming the capitalism of the Venetian Republic in the 16th century was late.

Several major challenges to capitalism appeared in the early part of the 20th century. The Russian revolution in 1917 established the first state with a ruling communist party in the world; a decade later, the Great Depression triggered increasing criticism of the existing capitalist system.

In return the less dependable shipments of American silver were rapidly transferred from Seville to Genoa, to provide capital for further ventures. From about 1520 the Genoese controlled the Spanish port of Panama, the first port on the Pacific, founded by the conquest of the Americas.

Capitalism in the form of money-making activity has existed in the shape of merchants and money-lenders who acted as intermediaries between consumers and producers engaging in simple commodity production (hence the reference to "merchant capitalism") since the beginnings of civilisation.

Jesus may have won the battle with the moneylenders in the temple, but the church lost the war. After the fall of the Roman Empire, coinage began to disappear. But throughout the Middle Ages, there were various developments that set the scene for the birth of capitalism and the monetisation of everything after the Renaissance.

After the fall of the Roman Empire, coinage began to disappear. But throughout the Middle Ages, there were various developments that set the scene for the birth of capitalism and the monetisation of everything after the Renaissance.

David Graeber, an anthropologist at the London School of Economics, demolished one of capitalism's foundational myths in his book Debt: The First 5,000 Years (2011). The story we tell ourselves goes like this.