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The very long-term evolution of monetary systems

In: The International Monetary System and the Theory of Monetary Systems

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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.

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  • ., 2016. "The very long-term evolution of monetary systems," Chapters, in: The International Monetary System and the Theory of Monetary Systems, chapter 20, pages 177-207, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17285_20
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    Keywords

    Economics and Finance;

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