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Through the story of the evolution of money and finance up until the 15th century, illustrate
the following point:
By the end of the 15
th
century, we have, in Italy the makings of a modern monetary regime: a
hierarchy of gold, silver and copper; various kinds of surrogate money such as bills of exchange,
local cheques, travellers cheques, marketable securities and certificates of deposit; municipal
bonds; private banks; and a book-keeping system that has altered very little in the ensuing half-
millennium.

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