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Money and Finance

In: Economics for Managers

Author

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  • Phillip Crowson

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.

Suggested Citation

  • Phillip Crowson, 1985. "Money and Finance," Palgrave Macmillan Books, in: Economics for Managers, chapter 7, pages 141-176, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17812-4_7
    DOI: 10.1007/978-1-349-17812-4_7
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