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The Emergence Of Money – Insight Into The Middle Ages And The Need Of Banks

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  • Daniela Petrascu

    (Lucian Blaga university of Sibiu)

  • Radu-Dan Muresan

    (Lucian Blaga university of Sibiu)

Abstract

Money is the blood of the economy. Here is an aphorism validated by historical experience, a historical truth that transcends all ages and all economic and political systems. (Buzatu N., G. Popa, 2003). Since ancient times, people were forced to exchange goods and services, natural conditions, cultural and religious backgrounds, were abundant in some areas and partially or totally absent in others.As a consequence of certain historically determined relations of production, at a certain stage of social development money came as a necessary product of the change process. (Kiriþescu C. Costin, Emilian M. Dobrescu, 1998). The emergence of money required to create specialized institutions to deal with their management, institutions, known as banks. Timing banks can not be ascertained accurately due to the distant past. This article proposes not only an overview of historical events that have marked the emergence of money and banks or a definition of terms, but wants to make an incursion at a time "long forgotten in the mists of time, but so strongly anchored in reality because of the emergence of money and the banks accordingly.

Suggested Citation

  • Daniela Petrascu & Radu-Dan Muresan, 2011. "The Emergence Of Money – Insight Into The Middle Ages And The Need Of Banks," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 6(1), pages 75-82, April.
  • Handle: RePEc:blg:journl:v:6:y:2011:i:1:p:75-82
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    File URL: http://eccsf.ulbsibiu.ro/RePEc/blg/journl/618Petrascu&Muresan.pdf
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    References listed on IDEAS

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    Keywords

    money; banks; merchant; usurer; bill;

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