Money Development and Its Stages in World History Essay

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There is no use denying the fact that money is the most powerful remedy in the modern world. Nowadays, the life of society centers around it. Nevertheless, it is difficult to imagine that something can function without this very remedy. Moreover, being rather efficient, nowadays money also can be taken as the guaranty of power and stability. However, there have always been attempts to create some sort of ideal society where money will not be needed.

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This idea was the main purpose of communists which tried to create an ideal society. Though, they did not manage to achieve this purpose. Being the most powerful state in the world, the USSR did not manage to get rid of money, using labor as a currency and the authoritarian power to make people work. However, there are some other examples in the history of humanity that demonstrate how society, deprived of this remedy, functions.

The members of the Nukak-Maku tribe, who lived in the Amazonian rainforest and were discovered not so long ago, also did not have money. Though, they simply did not need it. Being a very primitive tribe, they hunted and distributed food between them. However, it would be wrong to conclude that all societies, which are deprived of money, could be described as primitive. There were more sophisticated societies that existed without the usage of money. Inca Empire is a bright example of it. It was one of the largest empires in America, which spread its influence on a great number of tribes and territories. Though, they did not use money.

Europeans, who arrived in America, were surprised by the fact that Incas did not take gold as the precious metal. Moreover, they had a great number of golden things, though, very often these things had some ritual meaning and were not used as currency. There was a certain kind of barter which guaranteed the existence of the Inca Empire. Common people worked in fields and were given food as payment. However, the collapse of the Inca Empire shows that barter turns out to be inefficient in terms of the crisis of power or some other problems. Besides, with the development of society, one more problem appeared.

People used to take coins made of precious metal as money. However, very often it was difficult to guarantee that they will be made of the needed metal as its resources were limited. That is why some other things which would be the same precious as coins were needed. However, people still did not have this understanding, and a great number of problems connected with this issue appeared. The age of Corsairs with the galleons full of gold showed how dangerous it was to use precious metals as money and the new era began. People understood that some other things could be used as currency the only thing needed was to guaranty their purchasing power. Having obtained this idea, people start do develop their financial system and the first banks and shark loans appeared.

With this in mind, it is possible to say that money is one of the most ancient remedies which are used by people to satisfy their needs. There are examples of societies that did not use it, though, their collapse could be taken as good evidence of the hopelessness of this idea.

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IvyPanda. (2020, August 12). Money Development and Its Stages in World History. https://ivypanda.com/essays/money-development-and-its-stages-in-world-history/

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IvyPanda. (2020) 'Money Development and Its Stages in World History'. 12 August.

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IvyPanda. 2020. "Money Development and Its Stages in World History." August 12, 2020. https://ivypanda.com/essays/money-development-and-its-stages-in-world-history/.

1. IvyPanda. "Money Development and Its Stages in World History." August 12, 2020. https://ivypanda.com/essays/money-development-and-its-stages-in-world-history/.


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