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分享几篇与机经相关的雅思阅读文章(二)
分享几篇与机经相关的雅思阅读文章(二)
分分享享几几篇篇与与机机经经相相关关的的雅雅思思阅阅读读文文章章((二二))
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纸币发展
History
Paper money originated in two forms: drafts, which are receipts for value held
onaccount,andbills,whichwereissuedwithapromisetoconvertatalaterdate.
Money is based on the coming to pre-eminence of some commodity as payment. The
oldest monetary basis was for agricultural capital: cattle and grain. In Ancient
Mesopotamia, drafts were issued against stored grain as a unit of account. A
drachma was a weight of grain. Japans feudal system was based on rice per year
– koku. At the same time, legal codes enforced the payment for injury in a
standardized form, usually in precious metals. The development of money then comes
from the role of agricultural capital andprecious metals having a privileged place
in the economy.
Such drafts were used for giro systems of banking as early as Ptolemaic Egypt
in the first century BC.
Jiaozi (Song Dynasty), the worlds earliest paper money.
However the use of paper money as a circulating medium is intimately related
toshortagesofmetalforcoins.Inthe600stherewerelocalissuesofpapercurrency
in China and by 960 the Song Dynasty, short of copper for striking coins, issued
the first generally circulating notes. A note is a promise to redeem later for some
other object of value, usually specie. The issue of credit notes is often for a
limited duration, and at some discount to the promised amount later. The original
notes were restricted in area and duration, but the Yuan Dynasty, facing massive
shortages of specie to fund their occupation of China, began printing paper money
withoutrestrictionsonduration.By1455,inanefforttoreinineconomicexpansion
and end hyperinflation, the new Ming Dynasty ended paper money, and closed much of
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