Money and Finance

Phillip Crowson

Chapter 7 in Economics for Managers, 1985, pp 141-176 from Palgrave Macmillan

Abstract: Abstract Money is one of civilised man’s earliest and most effective inventions. Without it tribes either had to be entirely self-sufficient, go to war periodically to obtain goods they could not provide themselves, or engage in complicated and time-consuming barter transactions. Money was the essential lubricant for the growth of trade and living standards. Initially it consisted of man’s most treasured possessions, with durability and intrinsic beauty as additional attributes. This inevitably meant the precious metals, gold and silver. The growing sophistication and complexity of economic life, the lack of sufficient gold and silver to meet demand, and the inconvenience and insecurity of possessing and carrying large amounts of metal prompted the development of new forms of money. In recent years, the dramatic innovations in communications have led to the creation of new forms of money, or near-money.

Keywords: Interest Rate; Monetary Policy; Money Supply; Building Society; Money Stock (search for similar items in EconPapers)
Date: 1985
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-17812-4_7

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DOI: 10.1007/978-1-349-17812-4_7

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