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HOW MONEY MADE US MODERN - Coggle Diagram
HOW MONEY MADE US MODERN
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ancient
Chinese - made payments with cowrie shells (cowrie shells are durable, easily
cleaned and counted)
items to represent value—from
stones to animal skins, to whale teeth
9,500 years ago, SUMER INVENTED
baked clay, uses board games today.signify a measure of grain,another farm animal or a jar of olive oil.
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1 coins- created in Lydia (present-day Turkey)around
2,700 years ago
In the 1600s, investors gathering in London
coffeehouses began to underwrite traders and
colonists heading to the New World,
By the 1700s, the global economy had grown so
much that it was inconvenient to transport and
store large quantities of coins,Several societies
therefore shifted toward paper currency
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In the 1920s, oil companies and hotel chains
began to issue credit cards
Lloyd Thomas explains in his book
Money, Banking and Financial Markets, bankers
eventually realized that many people simply
used their notes rather than redeeming them
for gold
In 1950, Diners Club
International issued the first universal credit
card, which could be used to purchase things
at a variety of places.
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Using plasticmore convenient
than bills, coins, or even checks
In 2009, yet another high-tech successor to
money emerged: Bitcoin
Parag Khanna, a financial policy
expert, explains: “The real future is technology
as money. That’s what Bitcoin is about.”
From the clay tokens of Sumer to today’s virtual
currencies, the evolution of money has helped
drive the development of civilization