| Publication |
2014.
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| Summary/Abstract |
OXFORD, England-We live in a globalized world where financial developments in one region can have an impact on a vastly different and geographically disparate location. The forces joining them are those of money, wealth, and finance, which are deeply interlinked, or so we tend to think. But the world around us has always been globalized, albeit to different degrees and involving different shades of financial undercurrents. An interesting prism to see this continual globalization is through the role itinerant and global currencies and monetary unions have played.
Money is often defined as "as any object (or record of that object) which is regularly used to make payments according to a law which guarantees its value and ensures its acceptability." Acceptance is thus at the core of any particular object being used as money. The spread of monetary traditions across regions happens because people from diverse locations accept particular monies, in the form of coins, paper, or other instruments, to make payments. The fact that coins can circulate as monetary objects greatly enhances their utility. They enable money to be spent and saved by facilitating their division.
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