Evolutionary Phases of Money in Various Civilizations
Journal Title: Pakistan Journal of Economic Studies - Year 2024, Vol 7, Issue 1
Abstract
Objective: The aim of this study is to conduct a thorough examination and comparison of the evolutionary stages of currency in diverse civilizations. Employing an interdisciplinary approach, the research seeks to elucidate the developmental pathways, intercultural dynamics, and fundamental socio-economic determinants that have contributed to the evolution of monetary systems over the course of history. Research Gap: Extant scholarly investigations have delved into the progression and metamorphosis of currency within distinct historical frameworks or geographic areas, a conspicuous deficiency persists in the realm of exhaustive comparative analyses that methodically delineate the evolution of currency across a spectrum of civilizations. The prevailing body of literature often concentrates on isolated case studies or particular epochs, constraining our comprehension of the overarching trends and intercultural impacts influencing the trajectory of monetary evolution. Design/Methodology/Approach: This study adopts a theoretical methodology to explore the evolutionary phases of money across diverse civilizations. It involves synthesizing pertinent literature and theoretical frameworks from disciplines such as the history of money, economic anthropology, archaeology, and socio-economic theory. The Main Findings: The findings of the study reveal a dynamic trajectory in the evolution of money across civilizations. The transition from the gold standard to fiat currency heralded the dominance of paper money globally. In recent times, the advent of electronic money, facilitated by the internet, has reshaped the landscape of monetary transactions. The rise of cryptocurrencies, such as Bitcoin, presents a potential paradigm shift in the future of money. Theoretical/Practical Implications of the Findings: Understanding the historical evolution of money can guide the formulation of effective monetary policies that account for cultural, social, and economic contexts. Insights into diverse forms of money can inspire innovative currency designs that enhance durability, divisibility, and portability.
Authors and Affiliations
Muhammad Zahir Faridi, Ahtasham Nasir, Muhammad Ramzan Sheikh
Keywords
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