How a German banking family’s private letters became the blueprint for modern financial news
In short: Long before the internet provided real-time market updates, powerful dynasties used private correspondents to track global trade. From Bronze Age accounting to the rise of the 'money page,' discover how the pursuit of profit transformed simple price lists into a global watchdog for the modern economy.
The roots of business journalism are deeply embedded in the history of commerce itself. Some scholars argue that the very invention of writing and numerical systems in the Bronze Age was driven by economic necessity. By approximately 1760 BCE, the Babylonian Hammurabi Code had already established early precursors to modern interest rates and minimum wage laws.
During the 16th and 17th centuries, the Fugger family—prominent German bankers and traders—pioneered a precursor to the modern news feed. Between 1568 and 1604, they employed hundreds of correspondents to send letters detailing product prices and regional events. This information was vital for determining interest rates and creditworthiness, effectively creating a private intelligence network that evolved into today's complex economic media.
As trade expanded, so did the medium. Early 'price currents' in the 18th and 19th centuries were strictly informational, listing the costs of commodities like cotton, wheat, and tobacco without editorial commentary. However, the 19th century saw the rise of dedicated business news. In 1835, James Gordon Bennett’s New York Herald began devoting significant space to economics, featuring a 'money page' to explain market fluctuations. This era also produced the first financial editor, Thomas Prentice Kettell.
Today, the field serves as a critical watchdog. A 2007 Harvard Business School study of 263 accounting fraud cases found that business journalists identified 29% of these frauds before regulators or the companies themselves announced investigations. In 36% of those instances, reporters used original financial analysis to uncover the truth, proving that the pursuit of profit remains inextricably linked to the pursuit of information.
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Sources
- Summary by Intellect · source: Business journalism | Role of Business Journalism, History, Developments, Growth & Problems | Britannica
- Also: Business journalism
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