Search results
Results from the WOW.Com Content Network
The history of money is the development over time of systems for the exchange, storage, and measurement of wealth. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter. Money may take a physical form as in coins and notes, or may exist as a written or electronic account.
This is generally taken to imply the moral permissibility of profit, free trade, capital accumulation, voluntary exchange, wage labor, etc. Its emergence, evolution, and spread are the subjects of extensive research and debate. Debates sometimes focus on how to bring substantive historical data to bear on key questions. [1]
Ancient types of money known as grain-money and food cattle-money were used from around 9000 BCE as two of the earliest commodities used for purposes of bartering. Anatolian obsidian as a raw material for Stone Age tools was being distributed from as early as about 12,500 BCE, and organized trading of it was occurring during the 9th millennium ...
Friedman's 1956 "The Quantity Theory of Money: A Restatement" [k] incorporated Keynes's demand for money and liquidity preference into an equation similar to the classical equation of exchange. [90] Friedman's updated quantity theory also allowed for the possibility of using monetary or fiscal policy to remedy a major downturn. [ 91 ]
The British gold sovereign or £1 coin was the preeminent circulating gold coin during the classical gold standard period. of 1816 to 1914. From the 1816 to the outbreak of World War I in 1914, the world benefited from a well-integrated financial order, sometimes known as the "first age of globalisation".
[1] In the history of chemistry, the chemical revolution, also called the first chemical revolution, was the reformulation of chemistry during the seventeenth and eighteenth centuries, which culminated in the law of conservation of mass and the oxygen theory of combustion.
Commodity money is to be distinguished from representative money, which is a certificate or token which can be exchanged for the underlying commodity, but only by a formal process. A key feature of commodity money is that the value is directly perceived by its users, who recognize the utility or beauty of the tokens as goods in themselves.
It was the protoscientific, exoteric aspects of alchemy that contributed heavily to the evolution of chemistry in Greco-Roman Egypt, in the Islamic Golden Age, and then in Europe. Alchemy and chemistry share an interest in the composition and properties of matter, and until the 18th century they were not separate disciplines.