Explain The Stages Of Evolution Of Money

Money has evolved through different stages according to the time place and circumstances. Keeping tabs or tallies of these exchanges helped with the key requirement which was to record who had been paid.

History Of Money Evolution From Barter To Bitcoin Indepthorb Blockchain Barter Bitcoin Blockchain

After introducing the properties of money the development of payment systems is outlined.

Explain the stages of evolution of money. Human beings passed through a stage when money was not in use and goods were exchanged directly for one another. There are five stages of evolution Commodity Money Goods Metallic Money Coins Paper Money Bank Notes Credit Money Cheques DDs and Plastic Money Credit Debit Cards. Evolution Development of Money.

The government guaranteed money is known as Paper Money. They can be easily stored. By the 12th century even as the Chinese were experimenting with paper currency Europeans began to embrace a new view of money.

The second theory is the functional theory which defines what functions something must have to become money. Money was valued according to weight and caliber of the metal. After commodity money came the use of precious metals such as gold silver copper.

The Evolution of Moneyilluminates this fascinating reality focusing on the tension between currencys real and abstract properties and advancing a vital theory of money rooted in this dual exchange. Money is the most important invention of modern times. After Dryopethicus and Ramapethicus came.

They became commercial centers. Engraved in each coin were its weight and the caliber of the metal used. The first is the convention theory which looks at the evolution of money.

These stages of evolution of money are discussed as under. History of the International Monetary System. The Metallic money offered several advantages.

Briefly evolution of money was mainly through commodity money metallic money paper money and bank money. Money is a common thing used in exchange for purchasing goods and services. In other words we will follow the larger stops money has made while growing up going from exchanging different items to turning into the electronic money we can use today.

At the same time as his existence Ramapethicus existed who was more human-like than Dryopethicus. He was the earliest known ancestor of man. Each phase begins with a period of evolution with steady growth and stability and ends with a revolutionary period of substantial organizational turmoil and changefor instance when.

It is generally believed that evolution of money has passed through following six stages. Additionally it is indicated. Different stages of evolution of money 1.

They were easy to handle. The use of these precious metals gave rise to coins as a mode of payment. It has undergone a long process of historical evolution.

In small communities they could largely remember the payments and receipts of what was exchanged. Fulfilment of basic needs are done through money. In the second stage of the evolution when the early human shifted from hunting to agriculture animals like cattles goats sheep become the medium of exchange and acted as money.

Stages of evolution of humans began from him. Credit Money Electronic Money. Gold Standard 1875-1914 Inter-war period 1915-1944.

Long before money was invented people were quite happy making doing and growing things for one another. It begins with the debt tablets of ancient Mesopotamia and follows with the development of coin money in early Greece and Rome gold-backed currencies in medieval Europe and monetary economics in Victorian. Read the Evidence of Evolution here in detail.

Whenever people made transactions the metal coins used as payments were examined and weighed. Exchange of commodity to commodity Money economy stage this stage solved all the problems of barter system as money came into existence Town economy stage the introduction of money and specialization of labor made people settle down at fixed place called villages or towns. Moneys decline didnt last of course.

Some of the major stages through which money has evolved are as follows. Electronic money COMMODITY MONEY 2. The introduction of money as a medium of medium of exchange was one of the greatest inventions of mankind.

THE EVOLUTION OF MONEY From Commoditiy Money to E-Money by Susanne Knig Abstract By exploring the history of money this paper describes the transition from former commodity money to todays electronic money. Dryopethicus inhabited the European region and some parts of Asia and Africa. Under the barter system buyers and sellers of commodities had to face a number of difficulties.

I Commodity Money ii Metallic Money iii Paper Money iv Credit Money v Plastic Money. The international monetary system refers to the system and rules that govern the use and exchange of money around the world and between countries. Before money was invented exchange took place by barter that is commodities and services were directly exchanged for commodities and services.

There have been four phases stages in the evolution of the international monetary system.

Evolution Of Money Chapter 2 Evolution Of Money In The Earlier Stages Of Human Civilization To Satisfy Man Needs Barter System Took Place In The Ppt Download

Evolution Of Money Chapter 2 Evolution Of Money In The Earlier Stages Of Human Civilization To Satisfy Man Needs Barter System Took Place In The Ppt Download

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Evolution Of Money Chapter 2 Evolution Of Money In The Earlier Stages Of Human Civilization To Satisfy Man Needs Barter System Took Place In The Ppt Download

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