We think of money as an objective reality – but in fact it is just a conceptual construction of the human mind. It does not exist in nature; animals have no notion of it; even humans managed to live for countless millennia without it. The history of money is the history of civilisation. It has been around as a medium of exchange (a much more efficient one than barter) and as a store of value since the time of the Babylonians. But the sophisticated arrangement that we call the international monetary system is a relatively recent phenomenon – and one that is in constant evolution. |
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