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Download Credit and State Theories of Money: The Contributions of A. by L. Randall Wray, A. Mitchell Innes PDF

By L. Randall Wray, A. Mitchell Innes

In 1913 and 1914, A. Mitchell Innes released a couple of articles that stand as of the easiest items written within the 20th century at the nature of cash. just recently rediscovered, those articles are reprinted the following for the 1st time. moreover, 5 new contributions research and expand the procedure of Innes in a couple of instructions by way of together with historic, anthropological, sociological, archeological, and monetary analyses of the character of cash.

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This was done through the bankers, who from the earliest days of history were always the financial agents of the governments. In Babylon it was the Sons of Egibi and the Sons of Marashu, in mediaeval Europe it was the Jewish and Florentine and Genoese bankers whose names figure in history. There can be little doubt that banking was brought to Europe by the Jews of Babylonia, who spread over the Greek Colonies of the Asiatic coast, settled on the Grecian mainland and in the coast towns of northern Africa long before the Christian era.

It is movable at will from place to place by a simple order with nothing but the cost of a letter or a telegram. It can be immediately used to supply any material want, and it can be guarded against destruction and theft at little expense. It is What is Money? 31 the most easily handled of all forms of property and is one of the most permanent. It lives with the debtor and shares his fortunes, and when he dies, it passes to the heirs of his estate. As long as the estate exists, the obligation continues,4 and under favourable circumstances and in a healthy state of commerce there seems to be no reason why it should ever suffer deterioration.

From the frequency with which these tablets have been met with, from the durability of the material of which they are made, from the care with which they were preserved in temples which are known to have served as banks, and more especially from the nature of the inscriptions, it may be judged that they correspond to the mediaeval tally and to the modern bill of exchange; that is to say, that they are simple acknowledgments of indebtedness given to the seller by the buyer in payment of a purchase, and that they were the common instrument of commerce.

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