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Apr 10, 2014 · 1) The fall and rise of Asia. 300 years ago, a majority of the world's economic output was located on the Asian continent. But with the coming of the Industrial Revolution, Europe's...
- Matthew Yglesias
- What Is Money?
- From Bartering to Currency
- First Official Currency Is Minted
- Transition to Paper Currency
- The Emergence of Currency Wars
- Mobile Payments
- Virtual Currency
- The Bottom Line
Money doesn't always have value, whether it's represented by a seashell, a metal coin, a piece of paper, or a string of code mined electronically by a computer. With global wealthestimated to be about $432 trillion at the end of 2023, the value of money depends on the importance that people place on it as a medium of exchange, a unit of measurement...
Money has been part of human history for at least the past 5,000 years in some form or another. Before that time, historians generally agree that a system of barteringwas likely used. Bartering is a direct trade of goods and services. For example, a farmer may exchange a bushel of wheat for a pair of shoes from a shoemaker. However, these arrangeme...
Meanwhile, farther west during this era, in 600 BCE, metal coinage was invented when Lydia's King Alyattes minted what is believed to be the first official currency, the Lydian stater. The coins were made from electrum, a mixture of silver and gold that occurs naturally, and the coins were stamped with images that acted as denominations. Lydia's cu...
During 1260 CE, the Yuan dynasty of China moved from coins to paper money. By the time Marco Polo, a Venetian merchant, explorer, and writer who traveled through Asia along the Silk Road, visited China in approximately 1271 CE, the emperor of China had a good handle on both the money supplyand its various denominations. In fact, in the place where ...
The shift to paper money in Europe increased the amount of international tradethat could occur. Banks and the ruling classes started buying currencies from other nations and created the first currency market. The stability of a particular monarchy or government affected the value of the country's currency, and thus, that country's ability to trade ...
The 21st century gave rise to a novel form of payment activated with the touch of your finger. Mobile paymentsrefer to money used to pay for goods and services. They can also be used to transfer money to another individual, such as a family member or friend. This can all be done using a portable electronic device, such as a smartphone or tablet dev...
Virtual currencies are only available in electronic form. As digital representations of money, this type of currency is stored and traded using computer applications or specially designated software. The appeal of virtual currency is that it offers the promise of lower transaction fees than traditional online payment mechanisms do and is operated b...
The history of money is still being written. The system of exchange has moved from swapping animal skins to minting coins to printing paper money, and today, we appear to be on the cusp of a massive shift to electronic transactions. Ancient transaction forms have been co-opted: for example, bartering still occurs on the margins in some markets such...
Apr 17, 2017 · How did the world become so unequal, and what can we expect for the future? Global divergence followed by convergence The chart shows estimates of the distribution of annual income among all world citizens over the last two centuries.
This paper examines whether earlier generations of Canadians accumulated more wealth than later generations, particularly in the early stages of the life cycle. It also addresses whether key financial ratios—like the debt-to-assets and the debt-to-disposable-income ratios—differed across cohorts.
Nov 17, 2021 · This column presents new historical evidence that revises earlier results and reveals long-term patterns. A key finding is that wealth has changed in nature over the past century: once held by the elite, it is now widely held in the form of housing and pension savings.
Jun 1, 2022 · Why did some countries follow Britain’s lead and others did not? What can this history tell us about how wealth can spread to the rest of the world in the 21st century?
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Jan 17, 2019 · Technological progress, like globalization, is something you can’t run away from, it seems. But it is ever changing. So how will Globalization 4.0 evolve? We will have to answer that question in the coming years.
