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Four Phases in the History of Money

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  • Luis Angeles

Abstract

The history of money can be characterized into four major phases, from the written records of ancient Mesopotamia dating to the 3rd millennium BC to the present day. This characterization sheds light on both the nature and the evolution of money, and helps us to understand today’s monetary arrangements. This paper traces the main shifts in money’s history, including changes in the unit of account, the available means of payment, and the methods for carrying out exchange.

Suggested Citation

  • Luis Angeles, 2020. "Four Phases in the History of Money," Working Papers 2020_24, Business School - Economics, University of Glasgow.
    • Handle: RePEc:gla:glaewp:2020_24
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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