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It is arguably true money has an insatiable desire. Marx and Engels condemn money as a means of capitalist exploitation, Lenin wished for a moneyless world. The Nukka Makku people of Amazon forest recently lived as hunter-gatherers did not use money. The ancient Inca Empire plenty of gold and silver was found, however, inhabitants used it for aesthetic value. The arrival of Christopher Columbus in the 15th century from the West signaled the monetization of precious metal. Pizarro King of Castile sent his army to conquer the Inca Empire. Silver rush city of Potosi emerged where King Pizarro extracted silver and made Spanish crown rich beyond dreams of avarice.
The earliest coins date 600 BC found in Ephesus later, in 221 BC the bronze coin in China was introduced all of this money was monopolized by powerful sovereignty. During Charlemagne, King of Franks, Europe experienced a chronic shortage of silver. Spain at its silver rush experienced an oversupply which lost value as money. In Mesopotamia clay tokens were used to record agricultural transactions as money, powerful Babylonians as Egibi emerged as huge landowners and had immense commercial interests.
Fibonacci of Pisa introduced his book Liber Abaci, published in 1202. It Showed calculations on commercial bookkeeping, currency conversion, and interest rates. During the flourishing trade in Northern, Italy money was lent to merchants on ocean voyages and paid in interest. Jews were usurers as permitted by authorities in the Venetian government. Recently in the deprived neighborhoods of Glasgow, Gerard Law who ran an illegal loan shark for the poor people, interest was extremely high was sent to prison.
Renaissance age Medici family left a financial imprint, consolidated political power and wealth-producing two popes and two queens and other rulers. Medici bank was expanded by Giovanni, in 1420 had several branches in Europe. Lorenzo’s murder in 1478 and French invasion expelled and confiscated property of the Medici family signaled fall of the bank. Medici family was a financial symbol in Europe huge in success and power in the 16th century. Later, Amsterdam Exchange Bank in 1609 was set to resolve multiple currency problems, Stockholm Banco in 1637, introduced fractional reserve banking and Bank of England in 1694 the only bank allowed to operate in a joint-stock basis and issue banknotes.
Financial historians disagree on banking growth in the 17th century was accelerated by economic growth in Europe. London was home to successful firms, all were private partnerships. In 1844 Bank of England split into the banking department and issuing a department for securities and reserves in gold coins and bullions.
Liquidity was a problem for banks some collapsed. In 1858, joint-stock restrictions were lifted and commercial banks emerged to attract savers to hand over deposits, advanced economies, followed British central bank regulation. In 1864 USA, National Bank Act reduced barriers for setting up private banks. Under-capitalized banks were a recipe for financial instability during the Great Depression. A system of money in deposits and floating exchange rates was introduced to end centuries-old links between money and gold.
The most successful economy is built on easy failure as American laws allow trial and error entrepreneurs like Henry Ford. A bankruptcy filing is easily a public norm. A world without money is worse, credit and debit are building blocks of economic development creating wealth.
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