The stock market crash - and after

Oekonomik der Transformationsperiode

Bibliographic data

Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Introduction

Collection:: Economics Books

THE NOTION OF MONEY 163 and more among durable objects—easy to preserve and easy to transport, it also served as an instrument for saving the proceeds of previous transactions and thus came to be used more or less successfully as a standard of values, not only at any given moment but over certain periods (standard of deferred payments). Fiduciary currency or token money, although in certain countries 1 it has been known since ancient times, does not seem to have been created deliberately; it made its first appearance as token of a previous currency commodity. Even nowadays a bank-note is considered, at least by lawyers and theoretical writers, as a mere promise to pay in coin and is deemed to derive its exchange value from the metal currency which it represents. It should be observed, however, that the idea of money is distinct from that of a commodity in that, as money is accepted solely with a view to subsequent exchange, it need not necessarily answer a given need or a given series of needs. In this respect the conception of money is opposed to the usual conception of commodities and merely from this it may be WA that an instrument of exchange need not always be a commodity. Finally, it should be added that with a system of coinage a new element arises. Although each coin corre- sponds to a given weight of fine metal, it became custom- ary to give certain coins a name, e.g., drachme, pound sterling, franc, etc., and to denominate other coins in terms of multiples or sub-multiples of this unit of account. Commodities are valued in these units of account even when they are not actually being exchanged. On the other hand, units of account may be applied by legislative enactments to currencies of different metals or to token money or fiduciary currency such as notes. They even 1 According to M. Revillout (“Les Obligations en droit égyptien comparé”) there were banks and bank-notes in Babylon six centuries before the time of Jesus Christ. Again it is said that paper money existed in China from the 11th to the I 5th centuries of our era. Modern paper money originated in bank-notes which themselves appear to have arisen from the receipts for coin and gold and silver deposits given since the 12th century by banks in Italy.

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