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Monetary system
The monetary system is the system of exchange of the goods for some commonly accepted currency.
History
During the barter system people were exchanging thing on the basis of the worth of the particular product to each party. However, as the deskilling of the population began to take hold some people began to make only one set of products, this proved to be not very productive, since if you are making airplanes, you won't be able to exchange them for bread, since nobody would grow enough to pay you. Therefore, some communities began to use some commodity that most everybody used (some used gold, some salt (hence the word salary), in Hitchhikers Guide to the Gallaxy a community used leaves).
Then when banks began to open up people would receive a note from the bank stating that they could redeem a certain ammunt of currency from that bank, and some communities began using those notes. Soon bankers have realised that most notes will never be redeemed, and they have began publishing notes without having the currency to back those notes up.
Alternatives
The list of alternatives to the monetary system:
- gift economy
- barter (not a very good alternative)
