The Essence of Money - a Medieval Tale (7:36)

A Medieval Tale that illustrates the principle of "market money" used in medieval trade fairs.
Market money was nothing more complicated than dependable promises of merchandise or services
direct from the suppliers of that merchandise or service.

This simple invention freed the markets from the tyranny of the "quantity of and ownership of money"
and overcame both the limitations of barter and the scarcity of money, which at the time,
was gold and silver coins that were often hoarded.

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