NAME:OGUNBIYI SHOLA ADENIYI MATRIC NO:13PA1101 COURSE CODE : MAN104 DEPARTMENT: PUBLIC ADMINISTRATION FACULTY: MANAGEMENT SCIENCES TOPIC: BANKING AND MONEY CREATION Banking had its origin with the goldsmith in London in the seventeenth century. The goldsmith had facilities for storing valuable; therefore, they accept money and other valuables from merchants for safe keeping. This system of banking provided a profitable business. In recent time, banks have introduced more complex system of banking into the industry. While ‘money is what the law says it is’ that can be used for exchange of goods and services. Money includes all those items that can be used for exchange. The creation of banking and money has improved and still improving the standard of living of the people and the development of the economy at large. Unlike the olden days, where goods were exchanged for goods and services for services. banking and money originated because of the difficulties that arose from trade by barter and the banking sector does the safe keeping of the valuable items like silver, gold, diamond and money other things that are economically useful. Through the help of banking, money can be freely transferred from one direction to the other. Like sending money from one bank to the other and withdrawing of cash through ATM machines even if someone do not operate in the bank. Through careful and critical analysis, Banking and Money helps to evaluate information and beliefs we have about the universe at large and the human affairs in particular. Reference O. A. Longe Bill Zanker Jack Canfield.
Posted on: Sat, 18 Jan 2014 23:19:50 +0000
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