A History Of Money And Banking Pdf

a history of money and banking pdf

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The history of money by Jack Weatherford

A history traced back to the first hominid forms. What is a hominid, I hear you say, and when did it exist? Well, way back when scientists believe that the Eurasian and American tectonic plates collided and then settled, creating a massive flat area in Africa, after the Ice Age. This new massive field was flat for hundreds of miles, as far as the eye could see, and the apes that inhabited this land suddenly found there were no trees to climb. Instead, just flat land, and berries, and grasses. This meant that the apes found it hard going thundering over hundreds of miles on their hands and feet, so they started to stand up to make it easier to move over the land.

This resulted in a change in the wiring of the brain, which, over thousands of years, led to the early forms of what is now recognized as human. The first link to understanding this chain was the discovery of Lucy. The skeleton was found in the early s in Ethiopia by paleoanthropologist Donald Johanson and is an early example of the hominid australopithecine, dating back to about 3.

The skeleton presents a small skull akin to that of most apes, plus evidence of a walking gait that was bipedal and upright, similar to that of humans and other hominids. This combination supports the view of human evolution that bipedalism preceded an increase in brain size. It gained this status after the discovery of a near-complete Australopithecus skeleton called Little Foot, dating to around 3. Why was Little Foot so important?

Because it is almost unheard of to find fossilized hominin remains intact. The reason is that the bones are scattered across the Earth as soil sank into the ground and remains were distributed among the porous caves underneath. An intact skeleton is therefore as likely to be found as a decent record by Jedward. More recently, archaeologists have discovered the Rising Star Cave system, where many complete bodies have been found, and scientists believe this was a burial ground.

It has also led to the naming of a new form of human relative, called Homo naledi. All in all, the human tree of life that falls into the catchall of the Homo species, of which we are Homo sapiens , has several other tributaries including Homo erectus , Homo floresiensis , Homo habilis , Homo heidelbergensis , Homo naledi , and Homo neanderthalensis.

The question then arises: if there were several forms of human, how come we are the only ones left? Some of that may have been due to changing times. After all, there are no Mammoths or Sabre-Toothed Tigers around today, but there are several forms of their ancestors still on Earth. Yet what is interesting in the order of Hominids, according to Professor Yuval Harari, author of Sapiens and leading authority on the history of humankind, is that Homo sapiens defeated all other forms of hominid because we could work together in groups of thousands.

According to his theory, all other human forms peaked in tribes of a maximum of members—about the maximum size of any ape colony—because at this size of a group, too many alpha males exist and the order of the group would fall apart. One part of the group would then follow one alpha male and another part the other. Consequently, the tribe divides and goes its separate ways. Homo sapiens developed beyond this because we could talk to each other.

We could create a rich landscape of information, not just grunts and signs, and began to build stories. By building stories, we could share beliefs and, by sharing beliefs, hundreds of us could work together in tribes, not just one hundred.

The result is that when Homo sapiens villages were attacked by other Homo forms, we could repel them easily. We could also, in return, attack those human forms and annihilate them. And we did. Neanderthals, who share about After that, it was just us human beings, or Homo sapiens if you prefer. Now why is this important as a background to the five ages of man?

Because this was the first age. This was the age of enlightenment. It was the age of Gods. The natural resources of Earth were seen as important symbols with the birds of the sky, the big cats of the Earth, and the snakes of the Earth below seen as key symbols for early humankind. We shared these stories and beliefs and, by doing so, could work together and build civilizations. One of the oldest surviving religions of the world is Hinduism, around three thousand years old, but there were other religions before Hinduism in Jericho, Mesopotamia, and Egypt.

The Sun God and the Moon God were fundamental shared beliefs, and these shared beliefs were important because they maintained order. We could work together in larger and larger groups thanks to these shared beliefs.

This is why a lot of Old Testament stories in the Bible have much in common with those of the Koran. Jews, Christians, and Muslims all share beliefs in the stories of Adam and Eve, Moses, Sodom and Gomorrah, and Noah, and some of these beliefs even originate from the ancient Hindu beliefs of the world. Shared beliefs is the core thing that brings humans together and binds them. It is what allows us to work together and get on with each other, or not, as the case may be.

The fundamental difference in our shared beliefs, for example, is what drives Daesh today and creates the fundamentalism of Islam, something that many Muslims do not believe in at all. I will return to this theme since the creation of banking and money is all about a shared belief that these things are important and have value.

Without that shared belief, banking, money, governments, and religions would have no power. They would be meaningless. So man became civilized and dominant by being able to work in groups of hundreds. This was unique to Homo sapiens form of communication, as it allowed us to create shared beliefs in the Sun, Moon, Earth, and, over time, Gods, Saints, and Priests.

Eventually, as shared beliefs united us, they joined us together in having leaders. This is a key differential between humans and monkeys. For example, the anthropologist Desmond Morris was asked whether apes believe in God, and he emphatically responded no.

This is part of our shared belief structure that enables us to work together, live together, and bond together in our hundreds and thousands. As man settled into communities and began to have an organized structure however, it led to new issues. Historically, man had been nomadic, searching the land for food and moving from place to place across the seasons to eat and forage.

Where we were deficient in our stores of food, or where other communities had better things, we created a barter system to exchange values with each other. The barter trade worked well, and allowed different communities to prosper and survive. Eventually, we saw large cities form. Some claim the oldest surviving city in the world is Jericho, dating back over 10, years. Others would point to Eridu, a city formed in ancient Mesopotamia—near Basra in Iraq—7, years ago.

Either way, both cities are extremely old. As these cities formed, thousands of people gathered and settled in them because they could support complex, civilized life. Using Eridu as the focal point, the city was formed because it drew together three ancient civilizations: the Samarra culture from the north; the Sumerian culture, which formed the oldest civilization in the world; and the Semitic culture, which had historically been nomadic with herds of sheep and goats; and it was the Sumerians who invented money.

Money: a new shared belief structure that was created by the religious leaders to maintain control. In Ancient Sumer, the Sumerians invented money because the barter system broke down. It broke down because of humankind settling into larger groups and farming. The farming and settlement structures introduced a revolution in how humankind operated. Before, people foraged and hunted; now they settled, and farmed together. Farming resulted in abundance and abundance resulted in the trading system breaking down.

Barter does not work when everyone has pineapples and maize. You cannot trade something that someone already has. So there was a need for a new system and the leaders of the time—the government if you prefer—invented it. They invented money. Money is the control mechanism of societies and economies.

Countries that have money have respected economies; countries that do not, do not. How can America and Britain have trillions of dollars of debt, but still be Triple-A rated?

Because they have good money flows linked to their economies as global financial centers, binding our shared belief structures together. As Professor Yuval Noah Harari puts it:.

The truly unique trait of [Homo] Sapiens is our ability to create and believe fiction. All other animals use their communication system to describe reality.

We use our communication system to create new realities. Of course not all fictions are shared by all humans, but at least one has become universal in our world, and this is money.

Dollar bills have absolutely no value except in our collective imagination, but everybody believes in the dollar bill. So how did the priests invent this shared belief and make it viable? Ishtar made the land and crops fertile, as well as providing pleasure and love:.

Praise Ishtar, the most awesome of the Goddesses,. Revere the queen of women, the greatest of the deities. She is clothed with pleasure and love. She is laden with vitality, charm, and voluptuousness. In lips she is sweet; life is in her mouth. At her appearance rejoicing becomes full. This was the key to the Sumerian culture: creating money so that the men could enjoy pleasure with Ishtar. Men would come to the temple and offer their abundant crops to the priests.

The priests would place the crops in store for harder times—an insurance against winter when food is short and against crop failure in seasons of blight and drought.

In return for their abundance of goods, the priests would give the famers money.

History Of Money And Banking

The history of credit and banking goes back much further than the history of coins. Nevertheless the story of the origins of money goes back even further still. The origins of money in its various forms, and of banking, are discussed in the book by Glyn Davies , on which this essay is based. Davies, Glyn. A history of money from ancient times to the present day, 3rd ed. Cardiff: University of Wales Press,

Question If you wanted to purchase some bread, would you trade the cashier a loaf of bread for your shoes? Peer-to-peer lending offers an opportunity to change perspectives and reacquaint investors with the real economy. After all, these are the themes that rule our lives, and money is at the heart of all three. Retail banking. GSMA,

Money is any object that is generally accepted as payment for goods and services and the repayment of debt. Distinguish between the three main functions of money: a medium of exchange, a unit of account, and a store of value. Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given socioeconomic context or country. Money comes in three forms: commodity money, fiat money, and fiduciary money. Many items have been historically used as commodity money, including naturally scarce precious metals, conch shells, barley beads, and other things that were considered to have value. The value of commodity money comes from the commodity out of which it is made. The commodity itself constitutes the money, and the money is the commodity.


Acknowledgments. Preface. Money, Banking, and Your World. The Financial System. Money. Interest Rates The Ascent of Money: A Financial History of the World. New York: Penguin Press, noanimalpoaching.org


introduction to money and banking pdf

Publisher: Saylor Foundation. Although the book covers majority of concepts in money and banking, but unfortunately it seems that all data is outdated and sometime the fundamental legislative laws like Dodd-Frank act not even mentioned. Also, more discussion of bank regulating Comprehensiveness rating: 3 see less. Also, more discussion of bank regulating system is recommended - it is very brief in chapter

From the introduction by Joseph Salerno :. In this volume, Murray Rothbard has provided a comprehensive history of money and banking in the United States, from colonial times to World War II , the first to explicitly use the interpretive framework of the Austrian monetary theory Although its five parts were written separately, this volume presents a relatively integrated narrative, with very little overlap, that sweeps across three hundred years of U.

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Transcript

Reference materials in the area of money and banking have ordinarily been lumped under the category of general reference books in economics and business. This is understandable because most of the required data can be obtained from books dealing with the latter. There are, however, numerous government and private sources which deal exclusively with banking and monetary statistics. This, coupled with their highly specialized character, justifies a separate treatment. We may being by examining a few directories, among which, Moody's Bank and Finance Manual is one of the better known and most widely used.

Money & Banking:: A Reference Guide

Alma mater University of Minnesota, Minneapolis. This Professor did a great job at providing an in depth introduction to this subject. The reason tha… Show Full Review This action will open a modal dialog.

Сьюзан казалось, что она сходит с ума. Она уже готова была выскочить из комнаты, когда Стратмор наконец повернул рубильник и вырубил электропитание. В одно мгновение в шифровалке установилась полная тишина. Сирены захлебнулись, мониторы Третьего узла погасли.

Она остановилась у края длинного стола кленового дерева, за которым они собирались для совещаний. К счастью, ножки стола были снабжены роликами.

Ты меня слышишь. От ее слов повеяло ледяным холодом: - Джабба, я выполняю свои должностные обязанности. И не хочу, чтобы на меня кричали, когда я это делаю. Когда я спрашиваю, почему многомиллиардное здание погрузилось во тьму, я рассчитываю на профессиональный ответ. - Да, мэм.

Цезарь, объясняла она, был первым в истории человеком, использовавшим шифр. Когда его посыльные стали попадать в руки врага имеете с его секретными посланиями, он придумал примитивный способ шифровки своих указаний. Он преобразовывал послания таким образом, чтобы текст выглядел бессмыслицей. Что, разумеется, было не .

Money and Banking: What Everyone Should Know

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