Origins Of Money And Banking

THE ORIGIN OF MONEY AND BANKINGOUTLINEOrigin of MoneyOrigin of BankingMoney did non develop spontaneously at the aforesaid(prenominal) time across the world It has evolved and developed stepwise over the past 5 ,000 years trough it develops into the unhomogeneous forms in which we today know it today . It has assumed distinguishable unfamiliar shapes , structures , accept in certain objects in several(prenominal)(prenominal) communities where it had been employ as a medium of exchange forrader transforming into the present universally grateful coins , confide notes , and now the cashless hunting lodge where credits sight 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 hanker way , and this is exactly what this is out to exploreAccording t , Gly Davies (2002 Money originated truly largely from non-economic causes : from tribute as intumesce as from look at , from blood- bullion and bride- capital as well as from involvement , from ceremonial and religious rites as well as from profession from ostentatious ornamentation as well as from performing as the common drudge between economic menThe cheat 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 capital 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 disposition , various forms of tools and objects . For example , various precious metallic elements had been judge and apply as money in primitive commun ities , overly , 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 written language for money take down in or so communities in West Africa employ this medium of currency until the new times . In Nigeria , the cowrie was in use till even the recent decadesAlso in China , disc mold stones were used , and this is known as yap In variuos different 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 early(a) 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 heartbeat 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 ordure be expressed in the same way , in terms of how much money is needed to buy the...If you deficiency to get a entire essay, order it on our website: OrderCustomPaper.com

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