Bretton Woods system
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Western European countries and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a negotiated monetary order intended to govern monetary relations among independent states; the chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained its external exchange rates within 1 percent by tying its currency to gold and the ability of the IMF to bridge temporary imbalances of payments. There was a need to address the lack of cooperation among other countries and to prevent competitive devaluation of the currencies as well. Preparing to rebuild the international economic system while World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference known as the Bretton Woods Conference.
The delegates deliberated during 1–22 July 1944, signed the Bretton Woods agreement on its final day. Setting up a system of rules and procedures to regulate the international monetary system, these accords established the International Monetary Fund and the International Bank for Reconstruction and Development, which today is part of the World Bank Group; the United States, which controlled two thirds of the world's gold, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but declined to ratify the final agreements, charging that the institutions they had created were "branches of Wall Street"; these organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. On 15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold bringing the Bretton Woods system to an end and rendering the dollar a fiat currency; this action, referred to as the Nixon shock, created the situation in which the U.
S. dollar became a reserve currency used by many states. At the same time, many fixed currencies became free-floating; the political basis for the Bretton Woods system was in the confluence of two key conditions: the shared experiences of two World Wars, with the sense that failure to deal with economic problems after the first war had led to the second. There was a high level of agreement among the powerful nations that failure to coordinate exchange rates during the interwar period had exacerbated political tensions; this facilitated. Furthermore, all the participating governments at Bretton Woods agreed that the monetary chaos of the interwar period had yielded several valuable lessons; the experience of World War II was fresh in the minds of public officials. The planners at Bretton Woods hoped to avoid a repeat of the Treaty of Versailles after World War I, which had created enough economic and political tension to lead to WWII. After World War I, Britain owed the U. S. substantial sums, which Britain could not repay because it had used the funds to support allies such as France during the War.
S. The solution at Versailles for the French and Americans seemed to entail charging Germany for the debts. If the demands on Germany were unrealistic it was unrealistic for France to pay back Britain, for Britain to pay back the US. Thus, many "assets" on bank balance sheets internationally were unrecoverable loans, which culminated in the 1931 banking crisis. Intransigent insistence by creditor nations for the repayment of Allied war debts and reparations, combined with an inclination to isolationism, led to a breakdown of the international financial system and a worldwide economic depression; the so-called "beggar thy neighbor" policies that emerged as the crisis continued saw some trading nations using currency devaluations in an attempt to increase their competitiveness, though recent research suggests this de facto inflationary policy offset some of the contractionary forces in world price levels. In the 1920s, international flows of speculative financial capital increased, leading to extremes in balance of payments situations in various European countries and the US.
In the 1930s, world markets never broke through the barriers and restrictions on international trade and investment volume – barriers haphazardly constructed, nationally motivated and imposed. The various anarchic and autarkic protectionist and neo-mercantilist national policies – mutually inconsistent – that emerged over the first half of the decade worked inconsistently and self-defeatingly to promote national import substitution, increase national exports, divert foreign investment and trade flows, prevent certain categories of cross-border trade and investment outright. Global central bankers attempted to manage the situation by meeting with each other, but their understanding of the situation as well as difficulties in communicating internationally, hindered their abilities; the lesson was that having responsible, hard-working central bankers was not enough. Britain in the 1930s had an exclusionary trading bloc with nations of the British Empire known as the "Sterling Area". If Britain imported more than it exported to nations such as South Africa, South African recipients of pounds sterling tended to put them into London banks.
This meant that th
A collectable is any object regarded as being of value or interest to a collector. There are numerous types of terms to denote those types. An antique is a collectable, old. A curio is a small fascinating or unusual item sought by collectors. A manufactured collectable is an item made for people to collect. A "manufactured" collectable is an item made for people to collect. Examples of items sold as collectables include plates, bells, graphics and dolls; some companies that produce manufactured collectables are members of The Gift and Collectibles Guild. Special editions, limited editions and variants on these terms fall under the category of manufactured collectables and are used as a marketing incentive for various types of product, they were applied to products related to the arts—such as books, prints or recorded music and films—but are now used for cars, fine wine and many other collectables. A special edition includes extra material of some kind. A limited edition is restricted in the number of copies produced, although that number may or may not be low.
Items sold in limited editions may be limited by an announced quantity, or by a particular period of production one year. In either case, items may not be numbered. Manufacturers and retailers have used collectables in a number of ways to increase sales. One use is in the form of licensed collectables based on intellectual properties, such as images and logos from literature, movies, radio and video games. A large subsection of licensing includes advertising and character collectibles. Another use of collectables in retail is in the form of premiums. Collectables have played an important role in tourism, in the form of souvenirs. Another important field of collecting, big business is memorabilia, which includes collectables related to a person, event or media, including T-shirts and numerous other collectables marketed to fans. Collectables are items of limited supply that are sought for a variety of reasons including a possible increase in value. In a financial sense, collectables can be viewed as a hedge against inflation.
Over time, their value can increase as they become more rare due to loss, damage or destruction. One drawback to investing in collectables is the potential lack of liquidity for obscure items. There is a risk for fraud; the 1960s through the early 1990s were major years for the manufacturing of contemporary collectables. While some individuals purchased contemporary collectables to enjoy and use, many purchased them as investments. Speculative markets developed for many of these pieces; because so many people bought for investment purposes, duplicates are common. And although many collectables were labeled as "limited editions", the actual number of items produced was large. There is little demand for many items produced during this time period, their market values are low; the urge to collect unusual and fascinating objects is not limited to humans. The Renaissance Cabinet of Curiosities was an antecedent both of modern museums and modern collecting; the earliest manufactured collectables were included as incentives with other products, such as cigarette cards in packs of cigarettes.
Popular items developed a secondary market and sometimes became the subject of "collectable crazes". Many collectable items came to be sold separately, instead of being used as marketing tools to increase the appeal of other products. To encourage collecting, manufacturers create an entire series of a given collectable, with each item differentiated in some fashion. Examples include different designs of Beanie Babies. Enthusiasts will try to assemble a complete set of the available variations. Collector editions are another way of supporting collectables, they are produced in limited amount and contain additional content that can be valuable for a collector. This practice is popular in video games. Early versions of a product, manufactured in smaller quantities before its popularity as a collectable developed, sometimes command exorbitant premiums on the secondary market. Dolls and other toys made during an adult collector's childhood can command such premiums. Unless rare or made as a one-of-a-kind, in a mature market, collectables prove to be a spectacular investment.
Collecting List of collectables Collecting: A Rationale
Investment wine, like gold bullion, rare coins, fine art, tulip bulbs, is seen by some as an alternative investment other than the more traditional investment holdings of stocks, cash, or real estate. While most wine is purchased with the intent of consuming it, some wines are purchased with the intention to resell them at a higher price in the future. Wine investment is conducted through one of two main methods; the first involves reselling individual bottles or cases of particular wines. The other option is purchasing shares in an investment wine fund. In the former instance, it is recommended that inexperienced investors work with a broker, merchant, or a consultant, to minimize risk. Many authorities publish independent guides for the investor to help navigate this investment class. Indeed, complex models and formulae have been applied to tracking investment wine's historical returns. While there may be tens of thousands of wine producers across the globe, it is estimated that only 250 produce the sort of premier wines that are worth considering as a financial investment.
It is estimated that about 90 percent of the world's investment grade wine is produced in the Bordeaux region of France, which explains why the region is the main target for investment wine fraudsters. Vintage ports have made up much of the rest of the market inventory, but now more and more varied and global selections of wines are finding their way into the investor market. Outstanding vintages from the best vineyards may sell for thousands of dollars per bottle, though the broader term "fine wine" covers bottles retailing at over about US$30–50. Investment wines are considered by some to be Veblen goods; the most common wines purchased for investment include those from Bordeaux, cult wines from Europe and elsewhere, Vintage port. While premium wines have been around for centuries, the formal and organized sale and resale of the best wines for profit became a more established phenomenon in the late 1970s and early 1980s. Indeed, at least in the United States in the 1960s and early 1970s, newspaper articles about investing in wine were more to warn that it is illegal for individuals to sell wine, that the "investment" would be drunk by the investor.
However, by the mid-1980s, in the state of Illinois, in special cases in California, it was legal to sell wine without a retail license, more investors were learning how to transact their trades through legal brokers with the necessary licenses. In Europe, laws are much less restrictive regarding wine reselling. Wine as an investment does have some concerns, including the fact that stored wine produces no return for the investor until it is sold, insurance and storage costs will mean the investor is losing money while waiting for the wine's value to appreciate. There is low liquidity in US wine inventory, as most US states will only allow private wine sales through auctions, which themselves may take a commission of 15% to 25%. Investment in fine wine has attracted fraudsters both in the UK and US, who prey on their victims' ignorance of this sector of the wine market. Losses by investors to rogue wine investment firms can be significant, made more acute by the fraudsters willing to re-offend.
Wine fraud works by charging excessively high prices for off-vintage or lower-status wines from famous wine regions, while claiming that it is a sound investment unaffected by economic cycles. Efforts made by regulators to stem losses to rogue investment firms include the closing down of companies in the public interest, cease and desist orders. American Association of Wine Economists London Association of Wine Investment
Livestock is defined as domesticated animals raised in an agricultural setting to produce labor and commodities such as meat, milk, fur and wool. The term is sometimes used to refer to those that are bred for consumption, while other times it refers only to farmed ruminants, such as cattle and goats. Horses are considered livestock in the United States; the USDA uses livestock to some uses of the term “red meat”, in which it refers to all the mammal animals kept in this setting to be used as commodities. The USDA mentions pork, veal and lamb are all classified as livestock and all livestock is considered to be red meats. Poultry and fish are not included in the category; the breeding and slaughter of livestock, known as animal husbandry, is a component of modern agriculture, practiced in many cultures since humanity's transition to farming from hunter-gatherer lifestyles. Animal husbandry practices have varied across cultures and time periods. Livestock were not confined by fences or enclosures, but these practices have shifted to intensive animal farming, sometimes referred to as "factory farming".
Now, over 99% of livestock are raised on factory farms. These practices increase yield of the various commercial outputs, but have led to negative impacts on animal welfare and the environment. Livestock production continues to play a major economic and cultural role in numerous rural communities. Livestock as a word was first used between 1650 and 1660, as a merger between the words "live" and "stock". In some periods, "cattle" and "livestock" have been used interchangeably. Today, the modern meaning of cattle is domesticated bovines. United States federal legislation defines the term to make specified agricultural commodities eligible or ineligible for a program or activity. For example, the Livestock Mandatory Reporting Act of 1999 defines livestock only as cattle and sheep, while the 1988 disaster assistance legislation defined the term as "cattle, goats, poultry, equine animals used for food or in the production of food, fish used for food, other animals designated by the Secretary."Deadstock is defined in contradistinction to livestock as "animals that have died before slaughter, sometimes from illness".
It is illegal in many countries, such as Canada, to sell or process meat from dead animals for human consumption. Animal-rearing originated during the cultural transition to settled farming communities from hunter-gatherer lifestyles. Animals are domesticated when their living conditions are controlled by humans. Over time, the collective behaviour and physiology of livestock have changed radically. Many modern farm animals are unsuited to life in the wild; the dog was domesticated early. Goats and sheep were domesticated in multiple events sometime between 11,000 and 5,000 years ago in Southwest Asia. Pigs were domesticated by 8,500 BC in the Near 6,000 BC in China. Domestication of the horse dates to around 4000 BC. Cattle have been domesticated since 10,500 years ago. Chickens and other poultry may have been domesticated around 7000 BC; the term "livestock" is may be defined narrowly or broadly. Broadly, livestock refers to any breed or population of animal kept by humans for a useful, commercial purpose.
This can mean semidomestic animals, or captive wild animals. Semidomesticated refers to animals which are only domesticated or of disputed status; these populations may be in the process of domestication. Traditionally, animal husbandry was part of the subsistence farmer's way of life, producing not only the food needed by the family but the fuel, clothing and draught power. Killing the animal for food was a secondary consideration, wherever possible its products, such as wool, eggs and blood were harvested while the animal was still alive. In the traditional system of transhumance and livestock moved seasonally between fixed summer and winter pastures. Animals can be kept intensively. Extensive systems involve animals roaming at will, or under the supervision of a herdsman for their protection from predators. Ranching in the Western United States involves large herds of cattle grazing over public and private lands. Similar cattle stations are found in South America and other places with large areas of land and low rainfall.
Ranching systems have been used for sheep, ostrich, emu and alpaca. In the uplands of the United Kingdom, sheep are turned out on the fells in spring and graze the abundant mountain grasses untended, being brought to lower altitudes late in the year, with supplementary feeding being provided in winter. In rural locations and poultry can obtain much of their nutrition from scavenging, in African communities, hens may live for months without being fed, still produce one or two eggs a week. At the other extreme, in the more developed parts of the world, animals are intensively managed. In between these two extremes are semi-intensive family run farms where livestock graze outside for much of the year, silage or hay is made to cove
Money is any item or verifiable record, accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money. Money is an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any note of debt, is without use value as a physical commodity, it derives its value by being declared by a government to be legal tender. Counterfeit money can cause good money to lose its value; the money supply of a country consists of currency and, depending on the particular definition used, one or more types of bank money. Bank money, which consists only of records, forms by far the largest part of broad money in developed countries.
The word "money" is believed to originate from a temple of Juno, on Capitoline, one of Rome's seven hills. In the ancient world Juno was associated with money; the temple of Juno Moneta at Rome was the place. The name "Juno" may derive from the Etruscan goddess Uni and "Moneta" either from the Latin word "monere" or the Greek word "moneres". In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning'in kind'; the use of barter-like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied on barter. Instead, non-monetary societies operated along the principles of gift economy and debt; when barter did in fact occur, it was between either complete strangers or potential enemies. Many cultures around the world developed the use of commodity money; the Mesopotamian shekel was a unit of weight, relied on the mass of something like 160 grains of barley. The first usage of the term came from Mesopotamia circa 3000 BC.
Societies in the Americas, Asia and Australia used shell money – the shells of the cowry. According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins, it is thought by modern scholars that these first stamped coins were minted around 650–600 BC. The system of commodity money evolved into a system of representative money; this occurred because gold and silver merchants or banks would issue receipts to their depositors – redeemable for the commodity money deposited. These receipts became accepted as a means of payment and were used as money. Paper money or banknotes were first used in China during the Song dynasty; these banknotes, known as "jiaozi", evolved from promissory notes, used since the 7th century. However, they did not displace commodity money, were used alongside coins. In the 13th century, paper money became known in Europe through the accounts of travelers, such as Marco Polo and William of Rubruck. Marco Polo's account of paper money during the Yuan dynasty is the subject of a chapter of his book, The Travels of Marco Polo, titled "How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country."
Banknotes were first issued in Europe by Stockholms Banco in 1661, were again used alongside coins. The gold standard, a monetary system where the medium of exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th–19th centuries in Europe; these gold standard notes were made legal tender, redemption into gold coins was discouraged. By the beginning of the 20th century all countries had adopted the gold standard, backing their legal tender notes with fixed amounts of gold. After World War II and the Bretton Woods Conference, most countries adopted fiat currencies that were fixed to the U. S. dollar. The U. S. dollar was in turn fixed to gold. In 1971 the U. S. government suspended the convertibility of the U. S. dollar to gold. After this many countries de-pegged their currencies from the U. S. dollar, most of the world's currencies became unbacked by anything except the governments' fiat of legal tender and the ability to convert the money into goods via payment.
According to proponents of modern money theory, fiat money is backed by taxes. By imposing taxes, states create demand for the currency. In Money and the Mechanism of Exchange, William Stanley Jevons famously analyzed money in terms of four functions: a medium of exchange, a common measure of value, a standard of value, a store of value. By 1919, Jevons's four functions of money were summarized in the couplet: Money's a matter of functions four, A Medium, a Measure, a Standard, a Store; this couplet would become popular in macroeconomics textbooks. Most modern textbooks now list only three functions, that of medium of exchange, unit of account, store of value, not considering a standard of deferred payment as a distinguished function, but rather subsuming it in the others. There have been many historical disputes regarding the combination of money's functions, some arguing that they need more separation and that a s
A gift economy, gift culture, or gift exchange is a mode of exchange where valuables are not traded or sold, but rather given without an explicit agreement for immediate or future rewards. This exchange contrasts with a barter economy or a market economy, where goods and services are exchanged for value received. Social norms and custom govern gift exchange. Gifts are not given in an explicit exchange of goods or services for some other commodity; the nature of gift economies forms the subject of a foundational debate in anthropology. Anthropological research into gift economies began with Bronisław Malinowski's description of the Kula ring in the Trobriand Islands during World War I; the Kula trade appeared to be gift-like since Trobrianders would travel great distances over dangerous seas to give what were considered valuable objects without any guarantee of a return. Malinowski's debate with the French anthropologist Marcel Mauss established the complexity of "gift exchange" and introduced a series of technical terms such as reciprocity, inalienable possessions, presentation to distinguish between the different forms of exchange.
According to anthropologists Maurice Bloch and Jonathan Parry, it is the unsettled relationship between market and non-market exchange that attracts the most attention. Gift economies are said, by some, to build communities, with the market serving as an acid on those relationships. Gift exchange is distinguished from other forms of exchange by a number of principles, such as the form of property rights governing the articles exchanged. Gift ideology in commercialized societies differs from the "prestations" typical of non-market societies. Gift economies must be differentiated from several related phenomena, such as common property regimes and the exchange of non-commodified labour. According to anthropologist Jonathan Parry, discussion on the nature of gifts, of a separate sphere of gift exchange that would constitute an economic system, has been plagued by the ethnocentric use of modern, market society-based conception of the gift applied as if it were a cross-cultural, pan-historical universal.
However, he claims that anthropologists, through analysis of a variety of cultural and historical forms of exchange, have established that no universal practice exists. His classic summation of the gift exchange debate highlighted that ideologies of the "pure gift" "are most to arise in differentiated societies with an advanced division of labour and a significant commercial sector" and need to be distinguished from non-market "prestations". According to Weiner, to speak of a "gift economy" in a non-market society is to ignore the distinctive features of their exchange relationships, as the early classic debate between Bronislaw Malinowski and Marcel Mauss demonstrated. Gift exchange is "embedded" in political, kin, or religious institutions, therefore does not constitute an "economic" system per se. Gift-giving is a form of transfer of property rights over particular objects; the nature of those property rights varies from society to society, from culture to culture, are not universal. The nature of gift-giving is thus altered by the type of property regime in place.
Property is not a thing. According to Chris Hann, property is a social relationship that governs the conduct of people with respect to the use and disposition of things. Anthropologists analyze these relationships in terms of a variety of actors' "bundle of rights" over objects. An example is the current debates around intellectual property rights. Hann and Strangelove both give the example of a purchased book, over which the author retains a "copyright". Although the book is a commodity and sold, it has not been "alienated" from its creator who maintains a hold over it. Weiner has argued that the ability to give while retaining a right to the gift/commodity is a critical feature of the gifting cultures described by Malinowski and Mauss, explains, for example, why some gifts such as Kula valuables return to their original owners after an incredible journey around the Trobriand islands; the gifts given in Kula exchange still remain, in the property of the giver. In the example used above, "copyright" is one of those bundled rights that regulate the use and disposition of a book.
Gift-giving in many societies is complicated because "private property" owned by an individual may be quite limited in scope. Productive resources, such as land, may be held by members of a corporate group, but only some members of that group may have "use rights"; when many people hold rights over the same objects gifting has different implications than the gifting of private property. Anthropologist Annette Weiner refers to these types of objects as "inalienable possessions" and to the process as "keeping while giving". Malinowski's study of the Kula ring became the subject of debate with the French anthropologist, Marcel Mauss, author of "The Gift". In Parry's view, Malinowski placed the emphasis on the exchange of goods between individuals, their non-altruistic motives for giving the gift: they expected a return of equal or greater value. Malinowski stated.
A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange circulating banknotes and coins. A more general definition is that a currency is a system of money in common use for people in a nation. Under this definition, US dollars, pounds sterling, Australian dollars, European euros, Russian rubles and Indian Rupees are examples of currency; these various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote and money; the latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the currency's value.
Some currencies are legal tender in certain political jurisdictions. Others are traded for their economic value. Digital currency has arisen with the popularity of the Internet. Money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia and in Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities; this formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place, safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. A trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast.
It is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end, it was only the recovery of Phoenician trade in the 10th and 9th centuries BC that led to a return to prosperity, the appearance of real coinage first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. In Africa, many forms of value store have been used, including beads, ivory, various forms of weapons, the manilla currency, ochre and other earth oxides; the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, in many places, various forms of barter still apply; these factors led to the metal itself being the store of value: first silver both silver and gold, at one point bronze.
Now we have other non-precious metals as coins. Metals were mined and stamped into coins; this was to assure the individual accepting the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but the existence of standard coins created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be tested for their fine weight of metal, thus the value of a coin could be determined if it had been shaved, debased or otherwise tampered with. Most major economies using coinage had several tiers of coins of different values, made of copper and gold. Gold coins were the most valuable and were used for large purchases, payment of the military and backing of state activities. Units of account were defined as the value of a particular type of gold coin. Silver coins were used for midsized transactions, sometimes defined a unit of account, while coins of copper or silver, or some mixture of them, might be used for everyday transactions.
This system had been used in ancient India since the time of the Mahajanapadas. The exact ratios between the values of the three metals varied between different eras and places. However, the rarity of gold made it more valuable than silver, silver was worth more than copper. In premodern China, the need for credit and for a medium of exchange, less physically cumbersome than large numbers of copper coins led to the introduction of paper money, i.e. banknotes. Their introduction was a gradual process which lasted from the late Tang dynasty into the Song dynasty, it began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes by wholesalers' shops. These notes were valid for temporary use in a small regional territory. In the 10th century, the Song dynasty government began to circulate these notes amongst the traders in its monopolized salt industry; the Song government granted several shops the right to issue banknotes, in the early 12th century the government took over these shops to produce state-issued currency.
Yet the banknotes issued w