Sejarah uang itu ternyata panjang sekali. Nah, tulisan kali ini saya akan sedikit sharing tentang history of money. Ini merupakan catatan singkat dari kelas SG Wageningen University and Research (WUR).

Sejarah Uang

Pada awalnya, kerang dipakai sebagai uang di Afrika.

Mid eighty pakai cigarretes di Jerman

East coast of US, inidigenous people menggunakan kerang. Money decide of the community.

Trust lodged in the preciousness, social cohesion, and power of rulers. Seorang rulers bisa force. Tapi rulers tidak powerful enough untuk membuat trust. Any two ot these three.

Commodity standard, 1915 dibuat dari copper, bronze, silver, gold. Its not very practical in small business.

Bronze di Cina exchange of value.

Coinage appears about 3000 years ago. Stamped lumps of precious metal electrum, silver, gold. Dan bentuknya besar. So small circulation ( hanya orang-orang dengan high economi) contohnya koin dengan tiga

Coining seized as sovereign right :stamped with authority. Coin ini menunjukkan bawah koin telah disepakati. Roman empire untuk me

Advantages :

Coins worth their weight in metal

Fixed and recognizable value

Stable exchange rates between coins and countries. Its very practical to the business you can comoare your currencies to other countries currency.

Ini contoh koin yang digunakan spanish silver, digunakan sebagai international currency.

Drawbacks

Cumbersome for both large and small transactions. Kalau dibawa-bawa bakalan berat.

Clipping and counterfeiting popular pastime. Bakalan ngabisin banyak waktu mencari tau the finest of the coin.

Monetary policy impossible. If you want to have more coin circulation, re print. You cannot wider your circulation.

Sovereigns untrustworthy, always debase coins.

Solutions

Technology ( mint presses, ribbed sides,

Banyak teknology yang membuat minting menjadi lebih mudah dan tak gampang ditiru

Parliamentary control over minting and money circulation.

Central banks set up to manage currency

Licensed to issue paper money.

I commondity standards

Forst form in China, 12-13 centruy

Europe late 17 th centrury

Based on trust inrepayment : fiduciary money

Essentially a promise to pay

Phase 2 fiduciary money

From 1914 – 1971

Forst WW ends gold standards

Gold concentrated in central banks no longer in circulation. Commodity standards is remove.

Gradual acceptance of money as managed ( Keynes)

Backing rests on trust in government

Economic mismanagement

Phase 3 fiat money

1971 – now

Money no longer backed by anything at all

Strong exchange fluctuations upset international economy

Monetary policy from technical management into political football

Efforts to reboot economy boost inflation everywhere

Governments from solution to key problem

Stable money depends on social and political balance

Calls for a return to gold

Suspicion against state inspires alternatives like cryptocurrency like bitcoin

Conclusions

Money is a convention

Acceptance depends on ability to fulfill three functions

Fiat money culmination of 5000 years evolution

Balance between parliament and independent central bank the best bet for stable currency.