Financial Innovations and Monetary Reform - Original PDF
نویسندگان: Jean-François Serval · Jean-Pascal Tranié
خلاصه: Many economics textbooks have explained the slow transformation from a sub- sistence economy to a barter economy, thus limited by the comparability of the objects or services exchanged. Although an improvement over the subsistence economy, the barter economy remains cumbersome and inefficient, as it requires the simultaneous acceptance of a transaction by both parties with physical delivery. The barter economy eventually gave way to a financial economy that was made possible by the issuance of money, a potentially universal intermediate means of payment, conducive to labor specialization and economic development.1 The Greek civilization and the emerging monetary system that resulted from it led international trade for centuries (from the fifth to the first century BC). Dur- ing this period of antiquity, the countries surrounding the Mediterranean became a world of commercial and industrial competition with the Greeks, the Phoenicians in the west and the Medes on the southeastern border as the players