Origins Of Money And Banking

THE ORIGIN OF MONEY AND BANKINGOUTLINEOrigin of MoneyOrigin of BankingMoney did not develop spontaneously at the akin time across the world It has evolved and developed stepwise over the past 5 ,000 years till it develops into the divers(a) forms in which we now know it today . It has assumed diametrical unfamiliar shapes , structures , recognized in certain objects in whatever communities where it had been apply as a medium of exchange primarily transforming into the present universally acceptable coins , bank notes , and now the cashless rescript where credits can be accessed with mere presentation of plastic cards , or use of telephone to obtain specie from a bank . Indeed the origin of gold and banking had urinate by a long way , and this is exactly what this is bug out to exploreAccording t , Gly Davies (2 002 Money originated very largely from non-economic causes : from tribute as nearly as from trade , from blood- notes and bride- cash as hale as from vocation , from ceremonial and religious rites as sound as from occupation from ostentatious ornamentation as comfortably as from acting as the common drudge mingled with economic menThe deal system is the system that has sustained cosmos before the development of specie . But this was discarded because of its complexities and inconveniences . So the use of notes developed out of deeply root needs for a more convinient medium of exchange and to rough extent customs the clumsiness of barter provided an economic nerve impulse but that was not the primary factorThe evolution of silver had seen it interpreted different reputation , various forms of tools and objects . For example , various curious surfaces had been accepted and apply as money in unrefined communities , Also , cowrie shells obtained in some island in the Indian Ocean .

In the words of Davies (2002 ) quoted above So measurable a use did the cowrie play as money in antediluvian China that its pictograph was adopted in their compose language for money still in most communities in West Africa utilize this medium of currency until the recent generation . In Nigeria , the cowrie was in use till counterbalance the recent decadesAlso in China , disc shaped stones were used , and this is known as yap In variuos other communities in objects want sheep , buttocks , cattle manillas , and whale teeth were once used as money . China and some European countries had also produced metal coins in some other for ms of objects like spade , hoe , and knives , and they had long been accepted as currencies in their communitiesMost archeologies suggested that coins and metal money evolved at the end of the second millenium . The same time that the European coins evolved too . The ancient Greeks used contract nails as coins . Even Julius Ceasar had to taunt the primitive Britons as reversive for using stigma blades as coinsThe invention and modernization of money makes trading and mercantilism easier . With money , all prices can be expressed in the same way , in monetary value of how much money is needed to buy the...If you want to do a dear essay, order it on our website: OrderCustomPaper.com

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