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  1. keannu's Avatar
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    #1

    no fiance means no financial instability

    What do you mean by "no finance" here?

    is98
    ex)Long, long ago, the first trade was conducted via barter. All goods were exchanged directly for all other goods. It wan't great system : if you wanted to swap your chicken for a loaf of bread, but the baker happened to want firewood, you were stuck with the task of trapising around the market square until you could find someone with firewood who just happened to want a chicken. Despite its drawbacks we muddled along with barter exchange for a few hundred thousands years. Unsurprisingly, this period was not one of rapid economic growth. Growth may have been lacking but at least financial instability was not a problem. That's because all goods were exchanged for each other in real time; no finance means no financial instability. In the barter exchangfe economy...
    Last edited by keannu; 24-Sep-2012 at 00:44.

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    #2

    Re: no fiance means no financial instability

    If you look in the next sentence, the author talks about inflation- if you're exchanging chickens, you don't have inflation. You need to have currencies to do that.

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    #3

    Re: no fiance means no financial instability

    Note that "fiance" and "finance" are two different words.

    No finance means that there is no money, no banks, no medium of exchange, no loans, no interest.

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