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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.
The quantity theory of money dominated macroeconomic theory until the 1930s. Two versions were particularly influential, one developed by Irving Fisher in works that included his 1911 The Purchasing Power of Money and another by Cambridge economists over the course of the early 20th century. [13]
In 1913 English economist-diplomat Alfred Mitchell-Innes (1864–1950) published What is Money?, which was reviewed favorably by John Maynard Keynes, followed in 1914 by The Credit Theory of Money, advocating the Credit Theory of Money, which economist L. Randall Wray called "The best pair of articles on the nature of money written in the ...
The city states of Sumer developed a trade and market economy based originally on the commodity money of the shekel which was a certain weight measure of barley, while the Babylonians and their city state neighbors later developed the earliest system of prices using a measure of various commodities that was fixed in a legal code.
Money and Trade Considered: With a Proposal for Supplying the Nation with Money is an early economics text written by John Law of Lauriston, published in 1705. [1] In it, he attempts to compare the prosperity of other countries with that of Scotland, and advocates a "land bank" system of paper money backed by real estate as a commodity, instead of gold or silver.
The Ascent of Money: A Financial History of the World is a 2008 book by then-Harvard professor Niall Ferguson, [1] and an adapted television documentary for Channel 4 (UK) and PBS (US), [2] which in 2009 won an International Emmy Award. It examines the long history of money, credit, and banking.
Niall Ferguson, The Cash Nexus: Money and Power in the Modern World, 1700-2000 (2001). Robert Fogel and Stanley L. Engerman, Time on the Cross: The Economics of American Negro Slavery (1974). Claudia Goldin, Understanding the Gender Gap: An Economic History of American Women (1990).
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. [1] [2] [3] The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred ...