HIST 1180 Study Guide - Midterm Guide: Protestant Work Ethic, Seigniorage, Numismatics
Document Summary
Asceticism: being a monk of a protestant sect of hermits that renounce money because its evil. Barter: exchange of goods for other goods used to fulfill needs that you could not and came before money. Chartalism: latin for ticket (money as a symbol of belief)/ associated with the. Commodification: turning something into a tradeable good (things that you want for acceptance of gold standard money) Cowrie shells: a form of trade for shells in west africa (used as a symbol and effective due to abundance/limited resources. Currency: medium of exchange, frequency of exchange. Debt: borrowing of goods or money with the obligation of repayment. Double coincidence of wants: termed by adam smith/ two people both want something that the other one has enough of to trade. Electrum: gold and silver allow mix that is in odd proportion (used for coinage) Exploitation: overuse of labor for profit (power, financial, social exploitation) Flash crash: a stock exchange crash happening in seconds.
