The evolution of financial markets

The article provides a comprehensive analysis of the evolution of financial markets from their inception to the current state. The key stages of development, the driving forces of transformation and the formation of new paradigms of financial relations are investigated. Special attention is being paid to the digital revolution in the financial sector, including the emergence of fintech, crypto assets, and decentralized finance (DeFi). Based on historical analysis, patterns of financial market development are identified and promising directions of their evolution are predicted.