Evolution of Money - Explained For BG Semesters

In this article, we are going to explain the Evolution of Money. We will discuss here from barter system to plastic money

Evolution of Money


In this article, we are going to explain the Evolution of Money. We will discuss here from barter system (in which goods were exchanged for goods) to Plastic Money ( debt/credit cards). So read the below article to enhance the concept. 

There was a time ( In ancient) when wants were simple, goods were exchanged for goods. Life was simple and subsistent. People used to get reward for their work in the form of grains etc. This system was known as barter system of exchange. 

But with the passage of time & the multiplicity of wants and greater need for exchange, barter system proved to be an inefficient system of exchange. Drawbacks of barter system of exchange led to the invention of money - a thing that was commonly accepted as a medium of exchange.

 In Barter system there were double coincidence of wants, lack of common measures of value, difficulty of storage. So all these drawbacks lead to the evolution of money. 

 In the beginning metal coins of gold and silver were introduced, then alloy metal came to be used for coinage then came paper money.

 At present we have plastic money in the form of debit cards and credit cards. Thus, money finds its origin in the need to facilitate exchange.

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