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Please, choose three of those and explain – each in one paragraph. Do not quote

by | Aug 6, 2022 | Sociology | 0 comments

 

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Please, choose three of those and explain – each in one paragraph. Do not quote or copy, render the sense as you understand it.
1 Minting coins (the first “money”) originated (most likely) in the need to reimburse mercenaries.
2 Ingots were first minted into coins in Lydia 7th c. BCE – major incentive for commerce.
3 Promissory notes (bills of exchange) supplemented direct exchange of full-bodied money since the 13th c.
4 Banks collected deposits and lent beyond reserves using “token money” – fractional banking, beginning in the 17th c.
5 Central banks provide credit for governments issuing notes that have to be used in the payment of taxes.
6 Using the technique of ‘discounting’ financiers developed markets for capital in the 19th c.
7 Financial capital does not correspond to available goods and services, greatly surpassing their supply.
Open the document: “The evolution of money: an outline of six stages”

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