Marketing Exchange Relationships, Transactions, and Their Media

By Franklin S. Houston | Go to book overview

of Congress was the same. The intent of Congress was that government issued or authorized circulating mediums be legal tender. By so declaring, Congress established the federal government's "power of the purse." The legal tender quality of money distinguishes it from other forms of money, and this difference, and its importance in our monetary history, should be recognized.

Today, a growing portion of our population is using legal tender because they cannot afford basic banking services. The elderly and or poor make extensive use of cash for their transactions. Because of the political power of these groups, selected basic banking services have been codified by some states. In addition, an increasing number of banks are offering basic banking on their own initiative. The use of cash transactions in the underground economy, offshore, and for illegal purposes may also be important, but little is known about these activities. Although the use of cash for transactions is on the rise, many business concerns refuse to accept large denomination legal tender for transactions. Thus, some forms of legal tender currency lack liquidity.

Benton Gup


NOTES
1.
31 U.S.C. 5103; United States v. Rickman, 638, F.2d, 182 (10 Cir. 1980).
2.
This section draws heavily on Ferguson ( 1961). Also see Fiske ( 1896, Chapter 4) and Greene ( 1970, Chapter 5). The first paper money was issued in 1690 according to Greene (p. 143) and 1696 according to Ferguson (p. 8).
3.
According to Greene ( 1970, p. 145), there were twelve colonies because Georgia had not yet sent its delegates.
4.
See Journals, ( 1823, Vol. I, Thursday, January 11, 1776; Vol. II, Tuesday, January 14, 1777).
5.
See Collier ( 1973, 57).
6.
Ferguson ( 1961, 123).
7.
Data on currency can be found in U.S. Department of Commerce, Historical Statistics of the United States: Colonial Times to 1970, Part 2, Washington, D.C.: Government Printing Office, p. 995, Series X 424-437.
8.
Ferguson ( 1961, 234-239); according to Morris ( 1967, 153-154), "default" means that the contractual obligations -- payments of interest or principal -- were not paid as scheduled.
9.
Ferguson ( 1961, 335).
10.
Issues with legal tender qualities were authorized on: 3/12/1814, 12/26/1814, 2/24/1815, 10/12/1837, 1/28/1847; issues without legal tender

-245-

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Marketing Exchange Relationships, Transactions, and Their Media
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Introduction ix
  • Note xiii
  • 1: The Marketing Taxonomy 1
  • Notes 10
  • 2: Comments on Extending the Domain of the Marketing Discipline 11
  • Conclusions 27
  • 3: Reciprocity within a Community 35
  • Concluding Comments 43
  • 4: Exchange as a Vital and Fundamental Consumer Behavior Phenomenon 45
  • Conclusion 54
  • Notes 54
  • Notes 57
  • 5: Refinements in the Model of Internal/External Market Exchange 59
  • Note 76
  • 6: Time, Potency, and Exchange: Making the Most of the Time Resource 77
  • Summary 98
  • 7: The Spatial Dimension 99
  • Summary 113
  • AFTERWORD 115
  • 8: The Evaluation Process and Its Impact on Decision Making in Exchange Relationships 117
  • Note 139
  • 9: How Exchange for Resale Differs from Exchange for Consumption 141
  • Conclusion 151
  • 10: Inequitable or Incomplete Social Marketing: The Case of Higher Education 153
  • Concluding Observations 162
  • Supplemental Reading 163
  • 11: Externalities of Exchange: Foundations for Future Study 167
  • Note 186
  • 12: Exchange: Ethical and Legal Foundations 189
  • Conclusion 210
  • Note 210
  • 13: An Examination of Exchange Media from an Historical Perspective 213
  • Note 224
  • 14: Some Ingestible and Other Types of Consumable Currencies 225
  • Conclusion 235
  • Notes 236
  • 15: The Changing Role of Legal Tender: An Historical Perspective 239
  • Conclusion 244
  • Notes 245
  • 16: Means of Payment in Marketing 247
  • Summary 264
  • Notes 265
  • Bibliography 267
  • Index 303
  • About the Contributors 315
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