Origins Of Money And Banking

THE ORIGIN OF MONEY AND BANKINGOUTLINEOrigin of MoneyOrigin of BankingMoney did non develop spontaneously at the comparable time across the world It has evolved and developed bit by bit over the past 5 ,000 years cashbox it develops into the different forms in which we now know it today . It has delusive different unfamiliar shapes , structures , recognized in certain objects in any(prenominal) communities where it had been utilize as a medium of telephone exchange to dismount with transforming into the present univers each(prenominal)y acceptable coins , bank notes , and now the cashless iniquity club where credits can be accessed with mere unveiling of moldable cards , or use of telephone to commence coin from a bank . Indeed the origin of specie and banking had interject a long office , and this is exactly wh at this is out(p) to exploreAccording t , Gly Davies (2002 Money originated very largely from non- scotch causes : from tribute as healthy as from trade , from blood- property and bride- cash as well as from interchange , from ceremonial and religious rites as well as from transaction from ostentatious ornamentation as well as from acting as the common cab between economic menThe transaction system is the system that has sustained mankind before the phylogenesis of cash . But this was dispose because of its complexities and inconveniences . So the use of bullion developed out of deep rooted needs for a more convinient medium of exchange and to several(prenominal) extent customs the clumsiness of barter provided an economic impulse but that was not the primary factorThe evolution of money had seen it taken different reputation , variant forms of tools and objects . For example , various precious alloys had been accepted and employ as money in primitive communities , Also , cowrie shells obtained in some is! land in the Indian Ocean .

In the words of Davies (2002 ) quoted above So important a voice did the cowrie play as money in quaint China that its pictograph was adopted in their written language for money even in near communities in West Africa utilise this medium of currency until the upstart times . In Nigeria , the cowrie was in use coin bank even the recent decadesAlso in China , disc do stones were used , and this is known as yap In variuos former(a) communities in objects like sheep , flunky , cattle manillas , and whale teeth were once used as money . China and some European countries had also produc ed metal coins in some other forms of objects like spade , till , 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 mho 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 mark blades as coinsThe invention and modernisation of money makes trading and mercantile system easier . With money , all prices can be expressed in the same way , in terms of how much money is needed to demoralize the...If you want to get a intact essay, order it on our website: OrderCustomPaper.com

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