A History of Money: Fourth Edition

A History of Money is exactly that—a look at how money, the indispensable unit of our economy, developed through time. Starting with the barter system, the authors describe how the basic function of exchanging goods evolved into a monetary system based on coins made of precious metals and how, from the 1500s onwards, financial systems were established and currency became intertwined with commerce and trade, finally settling by the mid-1800s into a stable system based on gold. Rather than approaching money as a theory, the authors show how usage developed pragmatically over time to suit the economic needs of society; and they make a surprising yet compelling argument for the inherent stability of the gold standard.