Outlines of English Industrial History

By W. Cunningham; Ellen A. McArthur | Go to book overview

CHAPTER VII.
MONEY, CREDIT, AND FINANCE.

95. FROM the very earliest times of which we have any records the English appear to have been acquainted with the use of money. We cannot go back to any period and say that in it there was no exchange of commodities, or even that goods were only bartered for goods while money was not used at all. Still there has been very great progress made both in regard to the knowledge of the nature of money, and also in applying it to many transactions which were for centuries carried on without it. Some economists speak of the times, or the spheres of life, in which men procure their food and shelter without the intervention of money as instances of natural economy, and those in which moneybargains occur as cases of money economy. There has been a gradual substitution of money economy for natural economy in almost all the relations of life; some of the most difficult problems in economic history arise from our attempts to trace the steps of this change, and to show how it has reacted, for good or for evil, on social and political life.

Barter. Money payment and competition.

It is easy to see that the introduction of money renders it much more easy to carry out an exchange. Barter is cumbrous, and it is also unlikely to be fair: it is difficult to

-140-

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Outlines of English Industrial History
Table of contents

Table of contents

  • Title Page iii
  • Preface. v
  • Table of Contents vii
  • Introduction. 1
  • Chapter I. Immigrants to Britain. 8
  • Chapter Ii. Physical Conditions. 17
  • Chapter Iii. The Manors. 28
  • Chapter Iv. The Towns. 46
  • Chapter V. The Beginnings of National Economic Life. 69
  • Chapter Vi. The Various Sides of National Economic Life. 82
  • Chapter Vii. Money, Credit, and Finance. 140
  • Chapter Viii. Agriculture. 166
  • Chapter Ix. Labour and Capital. 198
  • Chapter X Results of Increased Commercial Intercourse. 241
  • Chronological Table. 255
  • Index 261
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