By Jürgen von Hagen, Michael Welker
The character of cash and its effect on society has lengthy students of economics, background, philosophy, legislations, and theology alike, and the new monetary difficulty has moved those matters to the leading edge of present public debate. during this examine, authors from a number backgrounds supply a unified exam of the character and the aim of cash. Chapters hide the commercial and social foundations of cash; the ancient origins of cash in historic Greece, China, the traditional heart East, and medieval Europe; difficulties of justice hooked up to using funds in felony structures and felony settlements, with examples either from historic background and this day; and theological features of economic and industry alternate. This stimulating interdisciplinary booklet, with its nontechnical and vigorous dialogue, will entice a world readership operating within the interfaces of economics, legislations and faith.
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Extra resources for Money as God?: The Monetization of the Market and its Impact on Religion, Politics, Law, and Ethics
G. IOUs or other forms of trade credit. With IOUs or trade credit, consumable goods are exchanged against the promise repayment, possibly in different goods, at a later point in time. Since IOUs and other forms of trade credit pay interest, the lender is compensated for the fact that he has to postpone consumption of the goods he will eventually receive. This makes IOUs and trade credit more attractive as mediums of exchange than non-interest-bearing coins or paper money. However, the use of IOUs and trade credit as mediums of exchange requires that the promise to pay back be credible.
Noneconomists are fascinated by the role of money in everyday life and the pervasiveness of words and concepts related to money in our thinking. Economists are fascinated by monetary economics as the intersection of microeconomics (the analysis of the economic behavior of individual households and ﬁrms) and macroeconomics (the analysis of the economic behavior of aggregate systems). The fundamental question of monetary economics is this: why do rational agents who are otherwise interested in consumption accept goods which are not consumable like coins, or even paper money, in exchange for consumable goods?
63 Yet, it is not the introduction of money which is the driving force, but the need of a rising territorial power for tax revenues. Berquist64 and Grabbe,65 in contrast, suggest that Yehud was taxed heavily to supply the Persian troops engaged in Egypt with food, but such taxes would have been payable in kind and not involve the use of money. To the extent that the Persian treasury reimbursed the province for its food supplies and these reimbursements were paid in coins, payment would have been to the temple rather than to the ordinary people.