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Published in:
2013 | OriginalPaper | Chapter
Money
Author : Dimitris N. Chorafas
Published in: The Changing Role of Central Banks
Publisher: Palgrave Macmillan US
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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:Social ceremonies largely influenced by religious rites, andThe accumulation of wealth by the ancient temples.2