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The history of money is the development over time of systems for the exchange, storage, and measurement of wealth.Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter.
The Ascent of Money: A Financial History of the World is a 2008 book by then-Harvard professor Niall Ferguson, [1] and an adapted television documentary for Channel 4 (UK) and PBS (US), [2] which in 2009 won an International Emmy Award. It examines the long history of money, credit, and banking.
One of the hosts of NPR’s legendary “Planet Money” takes us on a whirlwind tour of some of the key moments of money history in the last 1,000 years.
Georg Friedrich Knapp, a German economist, invented the term "chartalism" in his State Theory of Money, which was published in German in 1905 and translated into English in 1924. The name derives from the Latin charta, in the sense of a token or ticket. [2] Knapp argued that "money is a creature of law" rather than a commodity. [3]
Roman adoption of metallic commodity money was a late development in monetary history. Bullion bars and ingots were used as money in Mesopotamia since the 7th millennium BC; and Greeks in Asia Minor had pioneered the use of coinage (which they employed in addition to other more primitive, monetary mediums of exchange) as early as the 7th ...
Ancient types of money known as grain-money and food cattle-money were used from around 9000 BCE as two of the earliest commodities used for purposes of bartering. Anatolian obsidian as a raw material for Stone Age tools was being distributed from as early as about 12,500 BCE, and organized trading of it was occurring during the 9th millennium ...
The history of the United States dollar began with moves by the Founding Fathers of the United States of America to establish a national currency based on the Spanish silver dollar, which had been in use in the North American colonies of the Kingdom of Great Britain for over 100 years prior to the United States Declaration of Independence.
The prevailing view of money was that it had evolved from systems of barter to become a medium of exchange because it represented a durable commodity which had some use value, [20] but proponents of MMT such as Randall Wray and Mathew Forstater said that more general statements appearing to support a chartalist view of tax-driven paper money ...