Origins Of Money And Banking

THE ORIGIN OF MONEY AND BANKINGOUTLINEOrigin of MoneyOrigin of BankingMoney did not develop spontaneously at the identical time across the world It has evolved and developed little by little over the past 5 ,000 years till it develops into the various(a) forms in which we now know it today . It has assumed icy unfamiliar shapes , structures , recognized in certain objects in whatsoever communities where it had been apply as a medium of exchange in the first place transforming into the present universally acceptable coins , bank notes , and now the cashless ordination where credits can be accessed with mere presentation of flexible cards , or use of telephone to obtain bills from a bank . Indeed the origin of gold and banking had vex by a long way , and this is exactly what this is come to the fore to exploreAcc ording t , Gly Davies (2002 Money originated very largely from non-economic causes : from tribute as nearly as from trade , from blood- notes and bride- cash as whole whatever as from vocation , from ceremonial and religious rites as salubrious as from occupation from ostentatious ornamentation as soundly as from acting as the common drudge surrounded by economic menThe deal system is the system that has sustained worldly c oncern before the development of specie . But this was discarded because of its complexities and inconveniences . So the use of cash 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 desire 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 peculiar surfaces had been accepted and apply as money in underbred communities , Also , co wrie shells obtained in some island in the I! ndian Ocean .

In the words of Davies (2002 ) quoted above So classical 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 use this medium of currency until the recent generation . In Nigeria , the cowrie was in use till even so the recent decadesAlso in China , disc shaped stones were used , and this is known as yap In variuos other communities in objects handle sheep , buttocks , cattle manillas , and whale teeth were once used as money . China and some European countries had also produced met al 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 branding iron nails as coins . Even Julius Ceasar had to taunt the primitive Britons as averse 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 term of how much money is needed to buy the...If you want to recover a dear essay, order it on our website: OrderCustomPaper.com

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