History and Development of Modern Money: An Article Discussion

Article Discussion on Macroeconomic
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Article Discussion on Macroeconomic
William Roberds’ “Review of Making Money: Coin, Currency, and the Coming of Capitalism by Christine Desan” discusses the revolutionization of money. One of the primary things that one learns from the article is that the large-scale introduction of banknotes was not something that came and went, but it had far-reaching effects, some of which are felt even today. In particular, monetary innovation is compatible with financial stability, only where there is a supportive environment, which might take many years to develop. The most interesting thing about this article by Roberds is that it reveals how it is challenging to maintain a monetary system.
The history of money indicates that the current challengers to paper money, such as Apple Pay and cryptocurrency might take an extended period before people get used to it. In reality, central banks operate based on a business model that was introduced about 321 years ago (Roberds, 2016). Despite the introduction of other forms of payments, individuals use banknotes in transacting since it t...