Friday, January 3, 2014

Origins Of Money And Banking

THE ORIGIN OF MONEY AND BANKINGOUTLINEOrigin of MoneyOrigin of BankingMoney did not develop spontaneously at the like time across the world It has evolved and developed piecemeal over the past 5 ,000 years till it develops into the assorted forms in which we now know it today . It has assumed north-polar unfamiliar shapes , structures , recognized in certain objects in whatever(prenominal) communities where it had been apply as a medium of exchange originally transforming into the present universally acceptable coins , bank notes , and now the cashless revise where credits can be accessed with mere presentation of waxy cards , or use of telephone to obtain property from a bank . Indeed the origin of gold and banking had hire by a long way , and this is exactly what this is off to exploreAccording t , Gly Davie s (2002 Money originated very largely from non-economic causes : from tribute as nearly as from trade , from blood- notes and bride- cash as substantially as from vocation , from ceremonial and religious rites as swell up(p) as from occupation from ostentatious ornamentation as well as from acting as the common drudge amongst economic menThe deal system is the system that has sustained worldly c at one timern before the development of specie . But this was discarded because of its complexities and inconveniences . So the use of gold developed out of deeply root needs for a more convinient medium of exchange and to some extent customs the clumsiness of barter provided an economic whimsy but that was not the primary factorThe evolution of currency had seen it taken different reputation , various forms of tools and objects . For example , various wanted surfaces had been accepted and apply as money in raw(a) communities , Also , cowrie shells obtained in some i sland in the Indian Ocean .
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In the words of Davies (2002 ) quoted above So burning(prenominal) a use did the cowrie play as money in antediluvian China that its pictograph was adopted in their scripted language for money still in most communities in West Africa utilize this medium of currency until the recent time . In Nigeria , the cowrie was in use till change surface 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 forms 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 constrict nails as coins . Even Julius Ceasar had to taunt the primitive Britons as retrograde 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 ground of how much money is needed to buy the...If you want to lounge about a dear essay, order it on our website: OrderCustomPaper.com

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