By L. Randall Wray, A. Mitchell Innes
In 1913 and 1914, A. Mitchell Innes released a couple of articles that stand as of the simplest items written within the 20th century at the nature of cash. just recently rediscovered, those articles are reprinted right here for the 1st time. furthermore, 5 new contributions examine and expand the process of Innes in a few instructions through together with historic, anthropological, sociological, archeological, and financial analyses of the character of cash.
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Extra resources for Credit and State Theories of Money: The Contributions of A. Mitchell Innes
The sufferings of the fifteenth century were hardly less terrible than those of the fourteenth and the picture given of England differs but little from that of France. Whilst the northern countries, up to the walls of Lancaster and the banks of Mersey on one side of England, and to the gates of York and the mouth of the Humber on the other, were being ravaged by the Scots, and whilst French, What is Money? 41 Flemish, Scottish and other pirates were burning the towns and killing the inhabitants of the East, the West and the South coasts of England, or carrying them off as slaves, two other enemies were let loose upon this country.
29 If we assume that in pre-historic ages, man lived by barter, what is the development that would naturally have taken place, whereby he grew to his present knowledge of the methods of commerce? The situation is thus explained by Adam Smith: But when the division of labour first began to take place, this power of exchanging must frequently have been very much clogged and embarrassed in its operations. One man, we shall suppose, has more of a certain commodity than he himself has occasion for, while another has less.
The name of the person from whom received. The name of the person by whom received. The date. ’ 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.