The very long-term evolution of monetary systems

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Chapter 20 in The International Monetary System and the Theory of Monetary Systems, 2016, pp 177-207 from Edward Elgar Publishing

Abstract: The history of the evolution of monetary systems in this chapter is, more or less, a rebuilding of history in a logical and theoretical way. But it appears that, quite often, this ‘invented’ history is close to the real one. Starting from the case of a barter economy, it describes several steps in the evolution of monetary systems: invention of a commodity currency (for instance, gold), issue of banknotes with 100 per cent reserves, fractional reserves, creation of hierarchical systems with a central bank, monopoly of the central bank in the production of banknotes, and so on.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2016
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