Origins Of Money And Banking

THE ORIGIN OF MONEY AND BANKINGOUTLINEOrigin of MoneyOrigin of BankingMoney did not develop spontaneously at the analogous time across the world It has evolved and developed in stages over the past 5 ,000 years till it develops into the assorted forms in which we now know it today . It has assumed frigid unfamiliar shapes , structures , recognized in certain objects in almost(prenominal) communities where it had been apply as a medium of exchange before transforming into the present universally acceptable coins , bank notes , and now the cashless ordination where credits can be accessed with mere presentation of ductile cards , or use of telephone to obtain funds from a bank . Indeed the origin of gold and banking had scramble by a long way , and this is exactly what this is forbidden to exploreAccording t , G ly Davies (2002 Money originated very largely from non-economic causes : from tribute as nearly as from trade , from blood- notes and bride- cash as headspring(p) as from vocation , from ceremonial and religious rites as tumesce as from occupation from ostentatious ornamentation as well as from acting as the common drudge amid economic menThe deal system is the system that has sustained domain before the development of specie . But this was discarded because of its complexities and inconveniences . So the use of specie developed out of deeply root needs for a more convinient medium of exchange and to some extent customs the clumsiness of barter provided an economic nerve impulse but that was not the primary factorThe evolution of gold had seen it interpreted different reputation , various forms of tools and objects . For example , various strange surfaces had been accepted and apply as money in prime communities , Also , cowrie shells obtained in some island in the Indian Ocean .

In the words of Davies (2002 ) quoted above So chief(prenominal) a use did the cowrie play as money in antediluvian China that its pictograph was adopted in their written language for money still in most communities in West Africa use this medium of currency until the recent propagation . In Nigeria , the cowrie was in use till thus far the recent decadesAlso in China , disc shaped stones were used , and this is known as yap In variuos other communities in objects manage sheep , buttocks , cattle manillas , and whale teeth were at one time 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 compress nails as coins . Even Julius Ceasar had to taunt the primitive Britons as retral for using stigma blades as coinsThe invention and modernization of money makes trading and mercantilism easier . With money , all prices can be expressed in the same way , in toll of how much money is needed to buy the...If you want to travel a dear essay, order it on our website: OrderCustomPaper.com

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