In previous articles we traced the development of money from ancient barter systems to modern day fiat currency. One of the unavoidable realities of money throughout history is that as its supply increases, its value per unit decreases. This is the fundamental principle behind inflation which will be described in this article. Definition Inflation is Read more about Inflation[…]
In this series we have reviewed the development of money from barter systems to commodity money to bank notes and representative money. In this final entry, we will discuss modern day fiat currency. Definition A brief definition is in order before proceeding further: Fiat: a formal authorization or proposition; a decree an arbitrary order Origin: Read more about The History of Money – Part V[…]
So far in this series we have traced the history of money from simple barter systems to commodity money. This article will discuss further advances to the monetary system such as paper money, trade bills, and banknotes. Paper Money The concept of paper money originated in the Song Dynasty in China in the 11th century, Read more about The History of Money – Part IV[…]