The history of money and banking
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Money originated before written history, with early concepts including Aristotel's "metallist" theory and Plato's "cartalist" theory. People traded goods directly, but unequal exchanges were common since goods lacked standard values. To solve this, money was invented as a standard unit of exchange. Gold and silver coins were the most common forms of money throughout history. Paper money was first developed in China during the Song Dynasty, originating from merchant receipts. Banking evolved from temples to distinct buildings under the Romans, though moneylenders still charged high interest rates. Banking was established in the British Empire by 1776 when Adam Smith's theories limited state involvement in banking.
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The decline of Venice was due to several economic, political and military challenges. Economically, the discovery of new trade routes to Asia bypassed Venice's role as a middleman, reducing its lucrative trade monopoly. Militarily, the constant wars with the Ottoman Empire drained Venice's resources and disrupted its naval trade. Politically, an outdated government system led to incompetent leadership decisions that hurt Venetian defenses and alliances. Over-reliance on expensive mercenary forces also undermined Venice's security and finances over time. These various challenges eroded Venice's power on the seas and in international affairs.
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The document traces the history of money from its origins in barter systems to modern currencies. It discusses how livestock and commodities like cowry shells were some of the earliest forms of money. Coins made of precious metals like silver emerged around 500 BC in places like Libya and Turkey. Paper money was first developed in China and later adopted in Europe. Modern currencies have evolved from coins and banknotes to include electronic payments and credit cards.
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Mankind’s relationship with money
Money, in itself, is nothing – it is a symbol. It can be a shell, a metal coin, or a piece of paper with a historic image on it. The value that people place on the symbol has nothing to do with the physical value of money.
Money derives its value by being a medium of exchange, a unit of measurement and a storehouse for wealth.
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The document summarizes aspects of religion, politics, social class, and fashion during the Middle Ages in Europe. It discusses how Christianity became the dominant religion and how the lives of people were dominated by the Church. It describes the causes and objectives of the Crusades to regain control of Jerusalem from Muslims. It also outlines the feudal system of power and the emergence of religious knight orders like the Templars, Hospitallers, and Teutonic Knights during the Crusades. Finally, it provides details on Gothic jewelry styles, gemstone cutting techniques, and popular jewelry items in the late Middle Ages like brooches, belts, and enameling.
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History of colonial money
When colonists first arrived in New England, they faced hardships including a lack of money. Colonial exports were often bartered for English goods instead of paid for with coins. This arrangement was unpopular with colonists. Various forms of money emerged to fill the need, including wampum, commodity money, foreign coins, and paper bills of credit issued by colonies. However, these alternative currencies often faced problems of being difficult to transport, prone to counterfeiting, or issued in excessive amounts, reducing their value. A stable currency system was not achieved until the 1860s.
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Proiect
Life in the village is simple and peaceful, located between two hills with kind residents. The village has approximately 2 kilometers with a historical church and closed school. While some houses now have a modern appearance, some traditional homes remain. The new wide road through the village has increased traffic, unlike the past where children could play freely on the streets. The forest near the author's house was where their family would pick wild garlic and flowers in spring. Their grandparents recalled seeing wolves in the woods as children, while now only deer, rabbits and foxes remain. The forest was also an enjoyable place to spend summers, using the trees' shade to play and pick wild berries for jam.
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- 1. UNIVERSITY OF AGRONOMIC SCIENCES AND VETERINARY MEDICINE STUDENTS NAME: Munteanu Raluca , Daescu Cristina Elena SPECIALIZATION:MANAGEMENT GROUP:8203 HISTORY OF MONEY AND BANKING
- 2. The invention of money took place before the beginning of written history. Consequently any story of how money first developed is largely based on conjecture and logical inference. The earliest ideas included Aristotel‘s "metallist" and Plato's "cartalist" concepts. In the past, people usually had to travel all day to find the person who is willing to exchange their goods
- 3. In addition, the goods people want to exchange did not have the standard value of measurement. This led to unequal exchanges. To solve these issues, money will be the only solution.
- 4. Gold and silver have been the most common forms of money throughout history. Gold coins began to be minted again in Europe in the 13th century. Frederick II is credited with having reintroduced gold coins during the Crusades During the 14th century Europe changed from use of silver in currency to minting of gold. •
- 5. Money not give birth to an idea, but the idea raises money.
- 6. 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.
- 7. Its roots were in merchant receiptsof deposit during the Tang Dynasty (618–907), as merchants and wholesalers desired to avoid the heavy bulk of copper coinagein large commercial transactions.
- 8. The Romans, great builders and administrators in their own right, took banking out of the temples and formalized it within distinct buildings. During this time, moneylenders still profited, as loan sharks do today, but most legitimate commerce — and almost all governmental spending — involved the use of an institutional bank.
- 9. Banking was already well established in the British Empire when Adam Smith came along in 1776 with his "invisible hand" theory. Empowered by his views of a self-regulated economy, moneylenders and bankers managed to limit the state's involvement in the banking sector and the economy as a whole.
- 10. The collapse in shares of a copper trust set off a panic that had people rushing to pull their money out of banks and investments, which caused shares to plummet.
- 11. Sources: • https://www.investopedia.com/articles/07/banking.asp • https://en.wikipedia.org/wiki/History_of_money • https://www.123helpme.com/history-of-money-and- banking-preview.asp?id=255461