Origins Of Money And Banking

THE ORIGIN OF MONEY AND BANKINGOUTLINEOrigin of MoneyOrigin of BankingMoney did non develop spontaneously at the like time across the world It has evolved and developed bit by bit over the past 5 ,000 years work it develops into the different forms in which we now know it today . It has assume different unfamiliar shapes , structures , recognized in certain objects in any(prenominal) communities where it had been utilize as a medium of replace to dismay with transforming into the present univers in ally acceptable coins , bank notes , and now the cashless shadow club where credits can be accessed with mere presentment of moldable cards , or use of telephone to cause coin from a bank . Indeed the origin of currency and banking had interject a long modality , and this is exactly what this is bring out to exploreA ccording t , Gly Davies (2002 Money originated very largely from non- frugal 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 fatigue between economic menThe transaction system is the system that has prolong mankind before the phylogenesis of cash . But this was discard because of its complexities and inconveniences . So the use of bullion developed out of profoundly rooted needs for a more convinient medium of exchange and to approximately 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 , dissimilar forms of tools and objects . For example , various precious alloys had been accepted and employ as money in primitive communities , Also , cowrie shells o btained in some island 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 nigh communities in West Africa employ this medium of currency until the young times . In Nigeria , the cowrie was in use public treasury even the recent decadesAlso in China , disc cause stones were used , and this is known as yap In variuos oppositewise communities in objects like sheep , flunky , cattle manillas , and whale dentition were once used as money . China and some European countries had also produced metal co ins 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 entropy 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 buy the...If you want to get a intact essay, order it on our website: OrderCustomPaper.com

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