The Kingdom of Aksum is notable for a number of achievements: its own alphabet, the Ge'ez alphabet, which was modified to include vowels, becoming an abugida (writing system in which consonants are inherently associated with vowels). In the early times of the kingdom, giant Obelisks to mark King's (and nobles') tombstones were constructed, the most famous of which is the Obelisk of Aksum.

Under King Ezana’s rule, Aksum adopted Christianity and replaced its former polytheistic and Judaic religions around the year 325. This gave rise to the present day Ethiopian Orthodox Tewahedo Church and Eritrean Orthodox Tewahdo Church. Since the split with Rome after the Council of Chalcedon, it has been an important Miaphysite church, and its scriptures and liturgy are still in the Ge'ez language.

A story recorded by Rufinus has it that at that time, a foreign boy named Frumentius was made a slave of the royal court, and was later made a tutor to the royal children. When the king died, the queen asked Frumentius to help rule Aksum. Frumentius declined his promised freedom and remained until the queen's son, Ezana, was old enough to rule. Frumentius also established a number of Christian churches, and then when Ezana became king Ezana made Christianity the official religion of Aksum. The custom of a slave teaching kings remained an important tradition for the next few hundred years.

Aksum was a cosmopolitan and culturally important state. It was a meeting place for a variety of cultures including Egyptian, Arabic, Sudanic and Indian. The major Aksumite cities had Sabean, Jewish, Nubian, Christian, and even Buddhist minorities.

The Kingdom of Aksum was also the first African polity to issue its own currency. From the reign of Endubis up to Armah, gold, silver and bronze coins were minted. Issuing coinage in ancient times was seen as an act of great importance because it showed the world that the Aksumite kingdom considered itself to be equal to its neighbors. The presence of coins also simplified trade, and was a useful instrument of propaganda and a source of profit to the kingdom.

Aksum began to decline in the 7th century, and the population was forced to go farther inland, and was eventually being defeated around 950. Local history tells of a Jewish Queen named Yodit or "Gudit“defeated the kingdom and burned its churches and literature. While there is evidence of churches being burned and an invasion around this time, her existence has been questioned by some modern authors. Another possibility is that the Aksumite power was defeated by a queen named Bani al-Hamwiyah, possibly of the tribe al-Damutah or Damoti. After this period, the Aksumite kingdom was succeeded by the Zagwe dynasty in the eleventh century or the twelfth century, although it was limited in size and scope. However, Yekuno Amlak, who killed the last Zagwe king and founded the modern Solomonic dynasty, traced his ancestry and his right to rule from the last king of Aksum, Dil Na'od.

Ethiopia’s country is based on agriculture. Agriculture makes up half of the country’s gross domestic product , sixty percent of its exports, and eighty percent of the country’s employment.

While it is the mainstay of the country’s economy, Ethiopia's agriculture is plagued by drought, soil degradation, deforestation, high population, high levels of taxation and a poor infrastructure which makes it difficult and expensive to get goods to the people. A potential exists for self-sufficiency in grains and for export development in livestock, grains, vegetables, and fruits. As many as 4.6 million people need food assistance annually.

In addition to agriculture, mining is also a big part of Ethiopia’s economy. Marble, gold, limestone, and tantalum are mined in Ethiopia. Other economical resources include large potash deposits, natural gas, iron ore, and there might even be petroleum and geothermal energy resources to take advantage of as well. Even though Ethiopia has good hydroelectric resources, it imports its oil. Prior to the Ethiopian–Eritrean war, Ethiopia has relied heavily on Eritrea for international trade. Between Ethiopia’s mountain terrain and a definite lack of good roads and adequate vehicles make transportation by land extremely challenging. However, Ethiopian Airlines serves 38 domestic airfields and has 42 international destinations and is considered by many to be excellent. 

The current administration has started on a new program for economic reform. The program includes the privatization of state enterprises and the rationalization of governmental regulation. While they are still working on getting the bugs out of the process, the reforms proposed have begun to attract some much-needed foreign investment.

Then there is the Ethiopian Economic Association. The EEA is a non-profit organization whose main objective is to continue the development of Ethiopia.

The main objectives of the EEA include:

Contributing to the economic advancement of Ethiopia

To promoting the professional interest of its members

Promoting the study of economics in the country's educational institutions

Promoting economic research and assisting in the dissemination of the findings of such research in Ethiopia

Providing for a for the discussion of economic issues

Promoting professional contacts between Ethiopian economists and those of other countries.

The Ethiopian Economic Association also publishes the Ethiopian Journal of Economics. The Ethiopian Journal of Economics is a bi-annual journal, in which economic research findings are published. The Association has produced at least fourteen issues of the Journal. It also holds General Assemblies of its members every year where Association’s activities are discussed and future plans are approved. The EEA has established the Ethiopian Economic Policy Research Institute which serves as its research arm. The Ethiopian Economic Policy Research Institute is involved in research on a lot of issues that are incredibly important for Ethiopia's economic development. The EEA is also conducting research on a land policy, agriculture, human resource development and industrial policy. The EEA, along with the EEPRI, publishes an annual report on the state of the Ethiopian economy. The first report was published in 1999 and the second report was due out in early 2002.