Origins Of Money And Banking

THE ORIGIN OF MONEY AND BANKINGOUTLINEOrigin of MoneyOrigin of BankingMoney did non develop spontaneously at the equal time across the world It has evolved and developed stepwise oer the past 5 ,000 years boulder clay it develops into the unhomogeneous forms in which we at present know it today . It has assumed distinguishable unfamiliar shapes , structures , know in certain objects in many(prenominal) communities where it had been employ as a medium of exchange forrader transforming into the present universally unexceptionable coins , affirm nones , and now the cashless hunting lodge where credits fanny be accessed with mere presentation of waxy cards , or use of telephone to obtain specie from a bank . Indeed the origin of specie and banking had ascend a foresightful way , and this is exactly what this is out t o exploreAccording t , Gly Davies (2002 Money originated precise largely from non-economic causes : from tribute as intumesce as from get by , from blood- bullion and bride- capital as well as from procedure , from ceremonial and religious rites as well as from tariff from ostentatious ornamentation as well as from playing as the common drudge between economic menThe stratagem system is the system that has sustained mankind before the phylogeny of coin . But this was discarded because of its complexities and inconveniences . So the use of gold developed out of deeply rooted needs for a more convinient medium of exchange and to some extent usance the clumsiness of barter provided an economic impulse but that was not the primary factorThe evolution of money had seen it taken different spirit , various forms of tools and objects . For example , various precious metallic elements had been accepted and apply as money in primitive communities , also , cowry shells o btained in some island in the Indian ocean ! .

In the words of Davies (2002 ) quoted above So important a case did the cowrie play as money in antediluvian patriarch China that its pictograph was adopted in their pen language for money take down in some communities in West Africa utilise this medium of currency until the youthful times . In Nigeria , the cowrie was in use till even the recent decadesAlso in China , disc influence stones were used , and this is known as yap In variuos early(a)(a) communities in objects like sheep , laughingstock , cattle manillas , and whale dentition 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 iron nails as coins . Even Julius Ceasar had to taunt the primitive Britons as backward for using make blades as coinsThe invention and modernisation of money makes trading and avocation easier . With money , all prices trick be expressed in the same way , in terms of how much money is needed to buy the...If you indirect request to get a entire essay, order it on our website: BestEssayCheap.com

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