Wow!
Showing posts with label history of money. Show all posts
Showing posts with label history of money. Show all posts
Friday, March 07, 2025
Tuesday, April 09, 2024
Saturday, July 29, 2023
Foreign visitors to China can finally go cashless like locals
Good news! Cash is becoming obsolete faster than you can think in the digital age! Cashless is king!
So far unresolved: How to oversee and regulate digital currency and how to protect citizens and businesses from government abuse of digital currencies and the like.
"This week, China’s two dominant mobile payment solutions, WeChat Pay and Alipay, announced that foreign users can now pay at Chinese retailers by linking their foreign credit cards, including Visa, Mastercard and Discover. ..."
Thursday, March 18, 2021
China's Monetary Tradition and the Origins of Money
Very recommendable! This article covers more than just the invention of paper money in the history of China! Money ranks among the most important inventions/developments of human civilization!
"... China was one of the first countries to develop a metallic money that was valued and exchanged by weight. Evidence suggests that this monetary regime originated during the Shang Dynasty (1766–1122 BC) or the Zhou Dynasty (1122–221 BC). China was also one of the first countries to use precious metals as money and may have invented coined money. ...
It is therefore not surprising that China developed a rich tradition of monetary thought, which extended over nineteen centuries (roughly 700 BC to 1200 AD). This literature on monetary theory and policy embodied ideas, insights, and controversies that would appear in European writings only centuries later. In particular, some contributors to this Chinese monetary tradition formulated the conceptual foundations of the theory of sound money ...
Sima Qian (104~91 BC), Luo Mi (1165~1173 AD) and Ye Shi (1150~1223 AD) basically argued that money grew out of the trading of commodities and could not have emerged in the absence of commodity exchange. Money was only later adopted by kings as an aid in ruling their countries. ...
The first step in theorizing correctly about money is to understand that the value of money, like that of commodities, is never fixed and unchanging. ...
In investigating the market conditions that determined the purchasing power of money, two eighth-century Chinese writers, Liu Zhi (734 AD) and Lu Zhi (794 AD), clearly formulated the quantity, or supply-and-demand, theory of money—eight centuries before the theory was introduced into European thought by Jean Bodin and the Spanish Scholastics. ..."
It is therefore not surprising that China developed a rich tradition of monetary thought, which extended over nineteen centuries (roughly 700 BC to 1200 AD). This literature on monetary theory and policy embodied ideas, insights, and controversies that would appear in European writings only centuries later. In particular, some contributors to this Chinese monetary tradition formulated the conceptual foundations of the theory of sound money ...
Sima Qian (104~91 BC), Luo Mi (1165~1173 AD) and Ye Shi (1150~1223 AD) basically argued that money grew out of the trading of commodities and could not have emerged in the absence of commodity exchange. Money was only later adopted by kings as an aid in ruling their countries. ...
The first step in theorizing correctly about money is to understand that the value of money, like that of commodities, is never fixed and unchanging. ...
In investigating the market conditions that determined the purchasing power of money, two eighth-century Chinese writers, Liu Zhi (734 AD) and Lu Zhi (794 AD), clearly formulated the quantity, or supply-and-demand, theory of money—eight centuries before the theory was introduced into European thought by Jean Bodin and the Spanish Scholastics. ..."
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