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The convention was established by Ptolemy (AD 90 – c. AD 168) in his main work, Geography. The following is a 15th century reconstruction of Ptolemy's world map:
It's an arbitrary decision, and several reversed maps exist. There are also maps that don't follow a standard orientation, some examples are T and O maps, polar maps, and Dymaxion/Fuller maps. Interestingly the iconic 1972 Blue Marble photograph, taken by the Apollo 17 crew, was reversed to fit the traditional view.
Further reading: