Abstract
The prevailing theory about the origin of money,1 written in books and taught in schools, is that it followed the track ofbarter agreements, improving upon them by providing greater flexibility and liquidity in commercial exchanges. A minority of monetary historians, however, maintains that, though present, barter was not the main factor in the development of money as we know it. Instead, its origin has been:
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Social ceremonies largely influenced by religious rites, and
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The accumulation of wealth by the ancient temples.2
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Notes
Stephen Zarlenga, The Lost Science of Money (Valatie, NY: American Monetary Institute, 2002).
Fritz Moritz Heichelheim, An Ancient Economic History (Leiden: A. W. Sijthoff, 1938).
D. N. Chorafas, An Introduction to Derivative Financial Instruments (New York: McGraw-Hill, 2008).
John Maynard Keynes, The General Theory of Employment, Interest and Money (Amherst, NY: Prometheus Books, 1997).
Friedrich List, National System of Political Economy (London: Longmans Green, 1885).
D. N. Chorafas, Managing Risk in the New Economy (New York: New York Institute of Finance, 2001); Chorafas, An Introduction to Derivative Financial Instruments;
D. N. Chorafas, Risk Pricing (London: Harriman House, 2010).
Emile Zola, L’Argent (Paris: Gallimard, 1972).
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© 2013 Dimitris N. Chorafas
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Chorafas, D.N. (2013). Money. In: The Changing Role of Central Banks. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137332288_3
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DOI: https://doi.org/10.1057/9781137332288_3
Publisher Name: Palgrave Macmillan, New York
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