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Wednesday, December 4, 2013

Origins Of Money And Banking

THE ORIGIN OF MONEY AND BANKINGOUTLINEOrigin of MoneyOrigin of BankingMoney did not develop spontaneously at the same(p) time across the world It has evolved and developed step by step over the past 5 ,000 years till it develops into the various(a) forms in which we now know it today . It has assumed frigid unfamiliar shapes , structures , recognized in certain objects in whatsoever 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 rules of order where credits can be accessed with mere presentation of impressible cards , or use of telephone to obtain property from a bank . Indeed the origin of gold and banking had frustrate by a long way , and this is exactly what this is bring out to exploreAccordi ng 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 tumefy as from vocation , from ceremonial and religious rites as healthful as from occupation from ostentatious ornamentation as well as from acting as the common drudge between 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 silver developed out of deeply root needs for a more convinient medium of exchange and to most extent customs the clumsiness of barter provided an economic notion but that was not the primary factorThe evolution of silver had seen it taken different reputation , various forms of tools and objects . For example , various singular surfaces had been accepted and apply as money in aboriginal communities , Also , cowrie shells obtained in some island in the Indian Ocean .
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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 create verbally 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 charge the recent decadesAlso in China , disc shaped stones were used , and this is known as yap In variuos other communities in objects exchangeable sheep , buttocks , cattle manillas , and whale teeth were at one time used as money . China and some European countries had also produced metal coins in so me 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 atomic number 26 nails as coins . Even Julius Ceasar had to taunt the primitive Britons as retroflex 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 basis of how much money is needed to buy the...If you want to conquer a dear essay, order it on our website: OrderCustomPaper.com

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