The invention of money ranks with writing and the wheel as one of the great enabling discoveries of mankind. Complex social organisation would not be possible without it. Co-ordination of the activities of large numbers of producers and consumers requires more than the institution of money, but would be impossible without money. Like those other great inventions, one cannot point to a single inventor. Once a society reaches a certain level of complexity, people begin to use mechanisms of exchange which we today can recognise as money. This happens without pre-meditation or conscious planning. The use of money is both more ancient and more widespread than the use of writing. To this day there remain societies without writing, but none without money.
KeywordsMonetary Union Storage Cost Common Currency Federal Open Market Committee Domestic Money
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