The outline of the history of money development and of the monetary system – selected aspects of the issue
Journal Title: Współczesna Gospodarka - Year 2015, Vol 6, Issue 3
Abstract
The development of trade imposed the search for solutions that allowed the move from primitive barter-based economies to economies based on money. This article describes the evolution of commodity money, where in the early stages of its development this role was played by various goods of the highest liquidity starting from such products as fish, cattle or alcohol, and ending with the most developed form of this kind of payment which are precious metals. In this paper there was also presented the course of events, the consequence of which was the development of paper money, that at the beginning was only the confirmation of the amount of gold deposited in banks on irregular deposits. In addition, there was as well depicted the formation of the fractional-reserve banking and the slow shift from the gold standard until its complete liquidation and transition of modern economies into fiat money.
Authors and Affiliations
Marcin Duda
Keywords
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