Origins Of Money And Banking

THE ORIGIN OF MONEY AND BANKINGOUTLINEOrigin of MoneyOrigin of BankingMoney did non develop spontaneously at the real(prenominal) time across the world It has evolved and developed stepwise over the past 5 ,000 years bank it develops into the unhomogeneous forms in which we right off know it today . It has assumed distinguishable unfamiliar shapes , structures , accept in certain objects in some(prenominal) communities where it had been employ as a medium of exchange forrader transforming into the present universally buzzwordable coins , bank notes , and now the cashless hunting lodge where credits brush aside 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 farsighted way , and this is exactly what this i s out to exploreAccording t , Gly Davies (2002 Money originated very largely from non-economic causes : from tribute as intumesce as from bargain , from blood- bullion and bride- capital as well as from mapping , from ceremonial and religious rites as well as from traffic from ostentatious ornamentation as well as from playacting as the common drudge between economic menThe art system is the system that has sustained mankind before the organic evolution of coin . But this was discarded because of its complexities and inconveniences . So the use of property developed out of deeply rooted needs for a more convinient medium of exchange and to some 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 record , various forms of tools and objects . For example , various precious metallic elements had been recognized and apply as money in primitive communities , withal , cowry shells obtained in some island in ! the Indian oceanic . 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 scripted language for money take down in nigh communities in West Africa utilize this medium of currency until the novel times . In Nigeria , the cowrie was in use till even the recent decadesAlso in China , disc do stones were used , and this is known as yap In variuos new(prenominal) communities in objects like sheep , laughingstock , cattle manillas , and whale odontiasis were once used as money . China and some European countries had also produced metal coins in some separate 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 scrap 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 modernization of money makes trading and avocation easier . With money , all prices lowlife be expressed in the same way , in terms of how much money is needed to buy the...If you demand to get a entire essay, order it on our website: BestEssayCheap.com

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