Medium Of Exchange College Essays Samples For Students

Question 1

Grameen Bank is a microfinance institution that was founded by the father of the microfinance institutions, Muhammad Yunus, with the principle aim to offer small loans to the poor people. Although the loans from the microfinance as little, they are enough to start a viable business especially among women. After the introduction of this institution, the microfinance institutions have spread all in Africa, Asia, United States, Latin America and Eastern Europe. However, these institutions are commonly founded by organization such as World Bank and government.
These microfinance institutions lend out money to groups of individuals but not to an individual. ...

Summary of the Content

The book that is the subject of this paper is entitled Debt: The First 5,000 Years. This book was published in 2011 by book author and anthropologist David Graeber. As the name implies, much of the content was focused on debt. It, however, tackled the said topic in relation to other social institutions and practices such as marriage, friendship, barter, law, religion, slavery, economics, and government management. By putting the topic in line with the very factors that make up human life and society, he basically showed that he considers debt has played an important part in it. ...

Introduction

Money can be defined as something that is accepted in the society as a medium of exchange and also acts as store of value as well as measure of value. Interest, on the other hand, is the amount paid by the borrower of money to the lender for receiving the benefit or privilege of holding the money for a period of time. In this study we attempt to trace the origin and evolution of money and this history is also closely related to the origin and history of interest on loans.

Origin and Evolution of Money

Before money came into being barter system existed ...

Introduction

Monetary theory focuses on the functions, uses and management of money. The approaches to money go back as far as Plato and Aristotle. Aristotle focused primarily on money as a medium of exchange but later stated that money needed to be something with intrinsic value. He suggested that money should be something metallic and rare. As a result, Aristotle may be classified as a “metallist.” Plato’s conceptions of money differed from Aristotle’s because he introduced a credit component in the monetary theory. Schumpeter, a monetary historian, classifies Plato as a “Cartalist.” Karl Marx had strong conceptions on theories of money. He considered his theory ...

Introduction

This paper explores the various forms of economic systems and their methods of allocating resources. Economic resource allocation seeks to achieve economic efficiency in all dimensions of resource allocation among the various economic actors within any economic set up. The major focus will mainly entail the command economy as well as the market system of economy. A market system of economy, normally known as capitalism or free economy is a system of resource allocation in which the factors of production are allowed to move freely, the economy is allowed to operate freely without intervention from the central governments. It is ...