Paper money was introduced in Song Dynasty China during the 11th century. The development of the banknote began in the seventh century, with local issues of paper currency. Its roots were in merchant ...
The primary business of the early merchant banks was promotion of trade. The new class of commercial banks made accepting deposits and issuing loans their principal activity. They lend the money they ...
Goldsmiths in England had been craftsmen, bullion merchants, money changers and money lenders since the 16th century. But they were not the first to act as financial intermediates; in the early 17th c ...
The acceptance of symbolic forms of money opened up vast new realms for human creativity. A symbol could be used to represent something of value that was available in physical storage somewhere else i ...
Bills of exchange became prevalent with the expansion of European trade toward the end of the Middle Ages. A flourishing Italian wholesale trade in cloth, woolen clothing, wine, tin and other commodit ...
From approximately 1000 BC money in the shape of small knives and spades made of bronze were in use in the society of China, with cast bronze replicas of cowrie shells in use before this. The first ma ...
Bartering has several problems, most notably that it requires a "coincidence of wants". For example, if a wheat farmer needs what a fruit farmer produces, a direct swap is impossible as seasonal fruit ...
The earliest places of storage were thought to be money-boxes containments ( θΗΕΑΤΡΟΕ -) made similar to the construction of a bee-hive, as of the Mycenae tombs of 1550–1500 BC.An early type ...
The Code of Hammurabi, the best preserved ancient law code, was created ca. 1760 BC (middle chronology) in ancient Babylon. It was enacted by the sixth Babylonian king, Hammurabi. Earlier collections ...
Anatolian obsidian as a raw material for stone-age tools was distributed as early as 12,000 B.C., with organized trade occurring in the 9th millennium.(Cauvin;Chataigner 1998) In Sardinia, one of the ...
In a gift economy, valuable goods and services are regularly given without any explicit agreement for immediate or future rewards (i.e. there is no formal quid pro quo). Ideally, simultaneous or recur ...
David Kinley considers the theory of Aristotle to be flawed because the philosopher probably lacked sufficient understanding of the ways and practices of primitive communities, and so may have formed ...
In Politics Book 1:9 (c.350 B.C.) the Greek philosopher Aristotle contemplated on the nature of money. He considered that every object has two uses, the first being the original purpose for which the ...
The history of money concerns the development of means of carrying out transactions involving a physical medium of exchange. Money is any clearly identifiable object of value that is generally accepte ...
