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The early development of accounting was closely related to developments in writing, counting, and money. In particular, there is evidence that a key step in the development of counting—the transition from concrete to abstract counting—was related to the early development of accounting and money and took place in Mesopotamia [1]
Between the 9th and 14th centuries, the Muslim world developed many advanced economic concepts, techniques and usages. These ranged from areas of production, investment, finance, economic development, taxation, property use such as Hawala: an early informal value transfer system, Islamic trusts, known as waqf, systems of contract relied upon by merchants, a widely circulated common currency ...
By the 5th century, Christianity was the dominant religion in the Middle East, with other faiths (gradually including heretical Christian sects) being actively repressed. The Middle East's ties to the city of Rome were gradually severed as the Empire split into East and West, with the Middle East tied to the new Roman capital of Constantinople.
The Middle East, with its particular characteristics, was not to emerge until the late second millennium AD. To refer to a concept similar to that of today's Middle East but earlier in time, the term ancient Near East is used. This list is intended as a timeline of the history of the Middle East.
In the Middle Ages, the world economy slowly expanded with the increase of population and trade. During the early period of the Middle Ages, Europe was an economic backwater. However, by the later Medieval period, rich trading cities in Italy emerged, creating the first modern accounting and finance systems.
Studies in the economic history of the Middle East: from the rise of Islam to the present day. Psychology Press. ISBN 978-0-19-713561-7. (A collection of essay on various topics roughly organized by historical period.) William Montgomery Watt; Pierre Cachia (1996). A history of Islamic Spain. Edinburgh University Press.
In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages.. Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study as a separate discipline during the 18th century.
Thus, a new balance of power was established in the Middle East among Medes, Lydians, Babylonians, and, far to the south, Egyptians. At his death, Cyaxares controlled vast territories: all of Anatolia to the Halys, the whole of western Iran eastward, perhaps as far as the area of modern Tehran, and all of south-western Iran, including Fars.