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HistoryThe area which is now known as Monaco has been inhabited since the Stone Age. The Rock of Monaco was a shelter for primitive populations. Traces of their occupation were discovered in a cave in the Saint-Martin Gardens. The first inhabitants of the region, the Ligures, are described as a mountain people, known as hard working and sober people. The coast and the port of Monaco were probably the sea access for the interior Ligurian population. The origin of the name 'Monaco' has been subject to several hypotheses. For some, the name comes from the Ligurian tribe, the Monoïkos, who inhabited the Rock in the 6th century BC.
This version seems to be the most reliable, as the modern name for Monaco's main port is the Port of Hercules. Furthermore Monaco's history is pretty much the history of the Grimaldi family. The country is their private playground, and they are its reason of existence. The Grimaldi ascent began one night in 1297, when Francois Grimaldi took over the fortress of Monaco. Disguised as a monk, he successfully led a small army into the fortress reclaiming it in the name of the Pope. The legacy of his daring victory is recorded on Monaco's coat of arms, which shows two monks brandishing swords. Over the next few centuries, Monaco became famous as an important port in major maritime trading routes and as a strategic naval base for European military powers that were constantly competing for control of The Rock. In 1604, Lord Honore II came to the throne and launched Monaco into its 'Great Century'. Reflecting upon his accomplishments, he gave himself a new title, Prince Honore II. The Grimaldis have proudly held the title of Prince ever since. The French revolution took a heavy toll on European royalty, including the Grimaldis. Monaco was annexed by France and members of the Monegasque royal family were imprisoned. The annexation was short-living because of the abdication of Napoleon in 1814 and all rights of the Grimaldis were restored. In 1861, Monaco handed over one-half of its territory to France in exchange for cash and independence. On the throne at this time was Prince Charles III. He realized that most of Monaco's natural resources had been lost with the land and something had to be done to reestablish an economic base in the Principality. He decided that the answer was tourism and gambling. In 1863, he established the Société des Bains de Mer. The company consisted of a few hotels, a theater and a casino, which would soon flourish and become the foundation of the magnificent district of Monte Carlo. The real birth of Monaco started with this creation of gambling, which was forbidden in the neighboring countries. The suppression of most taxes in 1869 and the achievement of the railway line between Nice and Monaco in 1868 were also important events.
Prince Rainier III came to the throne in 1949 and later caught the world's attention with his fairy tale marriage to actress Grace Kelly. Because residents of Monaco pay no income tax, the principality became something of a tax heaven for the private jet set. Famous people from the sporting or cinema worlds came to live in Monaco, knowing their money was safe. The principality was admitted to the UN as a full member in 1993. Prince Rainier's rule modernized Monaco and weaned it from its dependence on gambling revenue, which in recent years has accounted for less than 5% of the GDP. Citizens benefited from a tax-free life of cradle-to-grave security. Tourism in all its possibilities became the backbone of the economy, although banking was also a major contributor. The anonymity of those banking in Monaco is closely guarded, leading to allegations from some parts that the principality tolerates money laundering; a charge of course seriously denied. There have been efforts to further modernize Monaco, with the delivery in 2002 of an impressive floating jetty that was designed to double the port's capacity. Laws were passed in the same year to ensure that the Grimaldi family would remain in power even if Crown Prince Albert II wasn't able to come up with an heir. In 1997, the Grimaldi family celebrated the 700th anniversary of its reign in Monaco. On 6 April 2005 Prince Rainier III died at the age of 81. Since then his son Albert II is the new Prince of the Principality. |
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For others, the origin comes from the Greek.
In the past, the port of Monaco was associated with the cult of
the hero Herakles (Hercules for the Romans), and his name was
often connected to the expression 'Herakles Monoïkos', which
means Herakles alone.
The small city of Spéluges became Monte
Carlo in 1866. From 1949 onwards, Prince Rainier III favored
business with the help of very advantageous fiscal laws.